AVERAGE housing prices in Scotland have hit an all-time high as official figures reveal a UK average increase of £25,000 in one year.

The Office for National Statistics have published figures which showed property values across the UK increased by 10.6 per cent over the year to August 2021, up from 8.5 per cent in July.

The average price of a house in Scotland also surged by 16.9 per cent to a record high of £181.000.

A spokesperson said: “The average UK house price was £264,000 in August 2021, which is £25,000 higher than this time last year.”

 “Scotland saw the highest growth in house prices and although London’s growth was once again the weakest, it has picked up significantly from last month’s trough.”

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Elsewhere, in England the Office for National Statistics revealed Average house prices increased over the year in England to £281,000 (a 9.8% annual increase), in Wales to £195,000 (12.5 per cent) and in Northern Ireland to £153,000 (9.0 per cent).

The Northeast had the highest annual house price growth in England, with average prices increasing by 13.3 per cent.

London’s average house price remained the highest of any region in the UK at an average of £526,000 – the highest on record, the ONS said.

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It comes as other statistics suggest that Scottish homeowners have been reducing their asking prices over the last 12 months in a bid to attract buyers.

Professional house purchasing firm, Property Solvers, has revealed the areas in Scotland where home sellers have been reducing their prices the most.

Stats showed that the average seller in Scotland has reduced the asking price for their house by £4,043 (-2.48 per cent), with Edinburgh sellers in the EH6 area dropping their prices the most by £7,702 (-2.89%).

The quick sale housing firm tracked 2,497 property transactions between October 2020 and October 2021, and believe sellers were reducing the prices to attract initial interest.

Ruban Selvanayagam of Property Solvers said: “Despite what has been a very active market, homebuyers are still, by and large, able to negotiate down on prices. 

“There is also wider evidence of surveyors down valuing properties that are misaligned with the realities.”