Annual property price growth in Scotland has reached its highest level for four years on the back of a 15% rise in home sales in June, according to the latest LSL Acadata index.
The data reveals that the average price of a home rose by 5.7%, on an annual basis, to an average of £164,105, which is less than 1% off the pre-crisis peak. The Scottish property market is continuing to perform well despite uncertainty about the country's future, with the independence vote just a few weeks away.
"Price growth in the last 12 months is the biggest rise we've experienced since September 2010. This is stronger than the annual rises in the North of England, the Midlands and Wales. While the majority of regions across England and Wales are witnessing price falls, the Scottish market is moving the other way," says Gordon Fowlis, regional managing director of Your Move estate agents, part of LSL.
Fowlis believes that many households are feeling more confident about the property market, on the back of a strengthening economy and greater clarity in the mortgage sector.
‘The housing market may have been temporarily subdued in the immediate clamour surrounding the Mortgage Market Review regulatory changes, but activity is again apparent, and sales rose 15% in June, up 26% on the previous year," he explains.
The rise in Scottish property sales is being led by Glasgow and Edinburgh, pushing average property prices in these cities up 4.5% and 4.2% respectively over the course of the month.