Scottish house prices rising five times faster than those in England and Wales as new instructions plummet

Scottish house prices are now growing five times faster than those south of the border, but Your Move has warned that high-end sales are driving the market.

The agent’s data on house prices in Scotland for September showed average prices grew 5.1% annually to £184,030.

This is up 1.9% on a monthly basis and higher than the 3.5% yearly growth reported in August.

In contrast, annual growth in England and Wales for September was at just 1.1%.

Your Move said a lack of stock on the market was driving up prices, while much of the activity was coming from high-end properties in Edinburgh.

Prices in the Scottish capital rose 6.6% on a monthly basis and 9.6% annually to £287,473, helped by six sales of properties worth more than £2m over the month compared with only four in Scotland in the whole of 2017.

The highest annual increase for a second month in a row was Inverclyde at 12.2%, with an average price of £138,074.

Christine Campbell, managing director of Your Move in Scotland, said: “Whether it’s the Brexit deadline or not, there is relatively little stock coming on to the market.

“Many potential sellers are deciding to sit tight, and according to RICS, new instructions in Scotland are the lowest in the UK.

“This is unfortunately largely the reason behind creeping house prices, but it is also resulting in low transaction levels.

“On the properties that are being sold, these are at the very high end and largely focused in Edinburgh.”

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