A 2.9% leap in April: Scotland’s property prices increase*

For those looking to sell or buy, the market is showing continued signs of vitality.

Rightmove's House Price Index indicates that annual asking prices at their highest since last year and that monthly asking price increased by 1.1% in April, which is in line with the ten-year average. Scotland is well above this average both on a yearly basis with 3.8% and monthly basis with 2.9%.* This brings average asking prices in Scotland up to £195,497.*

On a UK level, the largest amount of activity is happening amongst the larger, more expensive properties, as new sellers are up by 18% and sales agreed are also up by 20%.* This contrasts to the slightly slower growth in the first-time buyer and second-stepper markets, where the numbers of sales agreed are up by 9% for first-time buyers and 13% for second-steppers.*

Sellers should note that pricing remains sensitive; realistic pricing is key to capturing buyer interest. Buyers, on the other hand, are encouraged by a 13% increase in sales agreed, compared to last year, suggesting a robust market to find their new home.

Rents are up by 8.9%

Landlords, the Scottish rental market is continuing to show positive signs with a notable 1.4% increase in rents over the last month. Additionally, Scotland’s 8.9% annual change in rents is outpacing the UK average of 7.5%.** This brings the average Scottish rent to £926 pcm.**

Across the UK average rents are at £1,070, marking a 7.5% increase from the previous year. Excluding London, this growth is even more pronounced at 7.8%.** With the rental market showing considerable strength, it's a good time for rental investments, with the West Midlands and Scotland leading the way in terms of rental growth.**

What are the regional market differences?

For property sales, all regions across the board have experienced monthly growth in asking prices with Scotland marking the highest growth with 2.9% and the East Midlands marking the slowest growth with a level 0.0%.* Year-on-year, all regions, except for the East of England, have seen a positive change in asking prices, with Scotland, once again, showing the strongest growth of 3.8%.*

The lettings market, all regions are experiencing strong annual growth, with the slowest growth occurring in Wales with 4.8% and the West Midlands experiencing the highest levels of annual growth with 9.0%.** Month-on-month growth is more modest, however, still positive in most regions, with the North East showing a monthly growth of 2.1%, followed by Yorkshire and the Humber with 2.0%.**

These variations highlight the importance of local knowledge in navigating the property market. Contact us today to find out more about what’s happening in your local area.

The UK property market presents a picture of growth and opportunity, and whether you're a seller, buyer, or landlord, it's a promising time to explore the market and make informed decisions. Remember, our team is here to guide you through every step of your property journey.