The average house price in Scotland leapt by 9.9% annually in July, according to the Office of National Statistics (ONS).
UK house prices increased by 15.5% in the year to July, up from 7.8% in June of last year.
The Office for National Statistics (ONS) said the inflation rate was the highest recorded since May 2003.
The average house price in Scotland was £193,000 in July 2022, which is £19,000 higher than this time last year.
READ MORE: Number of £1m-plus homes sold in Glasgow hits in 45
Average house prices increased over the year in England to £312,000 (a 16.4% annual increase), in Wales to £220,000 (17.6%) and in Northern Ireland to £169,000 (9.6%).
Scotland also witnessed 8,325 house sales in May this year, compared to 8,752 in May of 2021.
Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said the latest house price jump in the UK “is the result of changes to the stamp duty holiday last summer. It doesn’t affect the outlook for the market, which is facing real challenges”.
She continued: “Distortions from the end of the most generous period of the stamp duty holiday last June are playing an enormous role in price rises.
“There was a burst of demand last June, and people rushed to get sales over the line before the deadline – pushing prices up. As a result, we had a lull in July.”
ONS figures also showed that private rental prices paid by tenants in the UK rose by 3.4% in the 12 months to August 2022, up from 3.3% in the 12 months to July 2022.
Private rental prices increased by 3.4% in England, 2.5% in Wales and 3.6% in Scotland in the 12 months to August.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here