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”.

HeraldScotland:

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.