Residential property prices in Scotland continue to rise, according to new figures.
The average price of a property in Scotland in May was £175,070, which is an increase of 3% on the previous year, supported by high demand, especially from first-time buyers, while supply remains tight, according to the latest Your Move Scotland House Price Index.
However, according to Your Move, capital growth north of the border is 4.3% below the average in England and Wales.
Christine Campbell, Your Move managing director in Scotland, said: “After a surge in April, Scotland has returned to its long-term pattern of modest, but fairly steady price rises. That hides wildly different fortunes in its various areas, though, and price increases are heavily dependent on a few key areas.”
Despite the increase in house prices, the market has slowed across many parts of Scotland, with just 17 of the 32 Local Authority still seeing prices rise in the month.
East Ayrshire showed the strongest annual performance, up 13.2%, but it is Glasgow, just one of only three areas to set a new peak average price during the month, that is driving the market.
The average price of a home in Glasgow now stands at £151,622, up 10.9% on the year.
“The strength of the market in Scotland’s biggest city is supporting continued house price growth in Scotland, but there also remains a fundamental imbalance in supply and demand,” said Alan Penman, business development manager for Walker Fraser Steele.