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Insider UK
Insider UK
Business
Peter A Walker

Scottish house price inflation hits 14-year high

Scottish house prices rose by nearly 11% during the year to March, with the average house now being sold for nearly £167,000.

The latest Office for National Statistics (ONS) figures suggested that pent-up demand after lockdowns has helped fuel the highest price inflation for 14 years - up from 8.3% in the year to February.

The number of transactions in the first three months of the year was up by nearly half, compared to the start of last year.

The ONS stated that the pandemic may have caused buyers to "reassess" their housing preferences, with the average price of detached properties in the UK rising faster than flats.

This may reflect buyers seeking more space and garden, with less need to be near the office if they intend to continue working from home.

House prices in Scotland increased by 10.6% during the year to March 2021, compared with a rise of 10.2% in England, 11% in Wales and 6% in Northern Ireland.

Average house prices in England are now at a record level of £275,000, according to the ONS.

Northern Ireland remains the cheapest UK country to purchase a property in, with an average house price of £149,000.

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