For the first time in history, the average cost of a home in Scotland has now surpassed the £200,000 mark as prices rose last month (June 2022) by around £100 per day. Following an increase in the rate of annual house price inflation, up to 9.9%, a Scottish home now costs on average £201,549.
Bank of Scotland said a typical home now costs £18,142 more than 12 months ago.
Overall, UK house prices increased by 1.8% in June, signalling the twelfth successive monthly rise, according to the latest Halifax House Price Index.
Russell Galley, Managing Director of Halifax, said: “The supply-demand imbalance continues to be the reason house prices are rising so sharply. Demand is still strong – though activity levels have slowed to be in line with pre-Covid averages – while the stock of available properties for sale remains extremely low.”
He added: “Of course, the housing market will not remain immune from the challenging economic environment. But for now it continues to demonstrate – as it has done over the last couple of years – the unique combination of factors impacting prices.”
If you are thinking of selling your property and want to benefit from a quick and secure sale, please get in touch with us for a free, no obligation auction valuation. Call us on 0141 339 4466 or send an email to info@auctionhousescotland.com
Original sources:
https://www.scottishhousingnews.com/articles/uk-house-prices-increased-by-18-in-june-as-market-shows-resilience
https://www.thetimes.co.uk/article/average-scottish-home-costs-more-than-200k-zhqjb3cn5
