Annual Scottish House Price Growth Hit 7.6% In April 2022

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Annual house price growth hit 7.6% in April, according to the latest Walker Fraser Steele Acadata House Price Index (Scotland), with Inverclyde’s year-on-year growth totalling 12.1%.

Scottish average house prices lifted by 7.6%, in the year to April with rises in all 32 local authorities, according to the Walker Fraser Steele Acadata House Price Index. This left the average price for a home in Scotland at £218,394.

The last time prices rose across all local authorities was last March, the final month of the land and buildings transaction tax holiday. This average rise in April is equal to around £15,500.

On the mainland, the highest increase in average prices over the year was in Argyll and Bute, at 22.7%. The highest local authority property price rises came in the Orkney Islands, where values jumped by 30.4%, but the report points out that the small number of transactions on the Islands – just 17 recorded in April – tends to result in volatile movements in average prices.

On a weight-adjusted basis, taking in price changes and transactions, five local authority areas in April accounted for 44% of the £15,500 increase in Scotland’s average house price over the year – Edinburgh (17%), Fife (10%), Glasgow (8%), Argyll and Bute (5%) and North Lanarkshire (4%).

On a monthly basis, Scotland’s average house price in April rose by some £1,100, or 0.5%, which is a third less than the near £3,000 increase seen in March.

On the mainland, the largest monthly increase in prices in April was in East Dunbartonshire, at 5.4%, where values rose across all property types except for semi-detached homes. Sales in the area in the month included a £2.2m detached home in Bearsden, which is a town located approximately six miles to the northwest of Glasgow.

The average home in Scotland now costs £218,394, with the average cost in Inverclyde falling 3.7% from March 2022 to £150,345.

To discuss selling your home, contact Bowman Rebecchi today.