Scottish house prices at record high

office_for_national_statisticsScotland is the first region of the United Kingdom to see its house prices pass their pre-financial crisis peak.

Property prices reached a new record average of £272,000 in July after soaring by 11.7 per cent in the last year, according to the latest monthly index from the Office for National Statistics (ONS).

Several UK regions saw property prices reach fresh all-time highs in the month of July, with the East Midlands, the West Midlands and the South West now joining London, the East and the South East in having price levels higher than their pre-financial crisis peaks of 2007-08, the ONS said.

Property values in London continue to rise faster than the rest of the country, recording a 19.1 per cent year-on-year jump and taking the average property price in the capital to £514,000. On a month-on-month basis, property values increased by 1.6 per cent across the UK between June and July.



Average house prices in Scotland have now passed their pre-financial crisis peak of June 2008 and, alongside England, property values there are now at record levels, the ONS said.

House prices in England are now 13 per cent above their previous high, while those in Scotland have climbed to 0.7 per cent above previous peak levels. Wales is not far behind Scotland, with prices there just 0.8 per cent below their 2008 peak. Northern Ireland is the area with the furthest climb to recover to previous peak levels, with prices there 46.7 per cent below their peak.

Estate agents have reported seeing signs of disruption to the housing market in Scotland in recent weeks, with potential buyers putting their plans on hold while they await the outcome of the referendum.


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