Scotland has seen a significant upward trend in property values in the last few years.  Research by DJ Alexander has provided some insight into the year from September 2023 to August 2024.  

Not great news for first-time buyers

Whilst this is good news for homeowners, it does mean homeownership is more difficult for those trying to get their first step on the property ladder.  Rents are also rising, so for those renting and trying to save for a deposit to own a home, it's becoming impossible for some to get anywhere.

East Renfrewshire tops the table once again

The largest rise in property values was in East Renfrewshire, where properties increased by about £524 weekly or £27,270 for the year. West Lothian saw an increase of £18,919, whilst Edinburgh saw an increase of £17,661.

The only region to see a fall was Argyll and Bute, where property prices fell by £1,747.

Overall, the average house price across Scotland rose by £13,000, taking the average property value to £186,970. 

So, there was a 6.9% increase in the period. That's pretty resilient, given the complications from high interest rates and the economy.

Compare all that to England and Wales, where the rise was £8,508 on average.

More Rental properties are being sold

While the rental market remains strong in Scotland, more landlords are leaving the market, and the number of rental properties coming into the market is growing.  That is expected to worsen due to the upcoming budget, which promises no good news for property investors.  

Normally, this reduces the speed at which prices rise due to the additional availability of properties in the market at any one time. That does not appear to have any impact in Scotland.

Rightmove data for October 2024

Rightmove has recently published its data for October 2024.  It shows a similar story.