House prices surge in lockdown boom

HOUSE prices rose faster in Scotland than in any other part of the UK – with homes now selling f or a record average of £163,200.

Property values increased by 6 per cent, up from 4 per cent last year, figures from Registers of Scotland (RoS) show.

Prices rose by 5.4 per cent in England, 5.8 per cent in Wales and 2.4 per cent in Northern Ireland.

UK-wide, the average house price is £245,000 – a 4.3 per cent rise.

The RoS report was compiled with the Office for National Statistics and HM Land Registry.

It shows that in Scotland, residential sales were down 33 per cent between January and October from the same period last year. This compares with a fall of 32.4 per cent in England, 47.7 per cent in Wales and 22.9 per cent in Northern Ireland.

The report states: ‘Recent price increases may reflect a range of factors, including pent-up demand, some possible changes in housing preferences since the pandemic and a response to the changes made to property transaction taxes.’

In Scotland, terraced properties showed the largest price rises, increasing by 7.1 per cent to an average of £137,374. The increase covers the year to October, against the same period last year.

Flat values rose by 4.6 per cent over the year to August, with the average price now £115,630.

The largest price increases were in Shetland, with values up 14.2 per cent to an average of £178,000.

The biggest leap on the mainland was in South Ayrshire, where the average price rose by 11 per cent to £151,757.

The largest drop in values was on Orkney, where prices fell by 5.6 per cent to an average of £156,500.

In Aberdeen City, the average price of a home went down 5.1 per cent to £139,079, while values rose by almost 7 per cent in Glasgow to an average £146,763.

Edinburgh house prices increased by 1.7 per cent, from £276,353 to £280,966, meaning it retains its title as the most expensive place to live.

‘Changes made to transaction taxes’