Scottish house prices up by 3.5% as UK yearly average falls for the first time since 2023
Strong growth in the Scottish property market is bucking the UK national trend
The average price of a house in Scotland grew by 3.5 per cent last month while the UK average cost of a home fell in the first year-on-year decrease since November 2023, according to an index.
The figures from Lloyds record £223,437 as the average house price in Scotland in August.
Across the UK, the average house price in August was £298,468 - this is a 0.4 per cent average annual drop.
The typical UK house price fell by 0.2 per cent month on month, following a 0.1 per cent month-on-month decrease in July.
Andrew Asaam, mortgages director at Lloyds, said: “The average [UK] property now costs £298,468, marking the first annual fall in house prices since November 2023.
“Despite that, prices are still marginally up (a 0.2 per cent increase) since the start of the year.
“The housing market has faced a more difficult backdrop in recent months, with the impact of global events on inflation and borrowing costs creating greater economic uncertainty.
“What we’re not seeing is a rush of homeowners cutting prices.
“But more are choosing to sit tight, with sellers reluctant to accept offers they feel are too low, while some buyers are waiting to see how conditions develop.”
He added: “Average house prices remain around 25 per cent higher than they were at the end of 2019, despite the substantial increase to interest rates seen over recent years.”
As well as solid growth in Scotland, Northern Ireland continued to record the strongest annual house price growth, Lloyds said, with prices up by 6.9 per cent annually and the average property value standing at a record high of £231,245.
In Wales, the average house price has increased by 0.6%.
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