by Liz Lucking | Mansion Global
Price gains were led by the Shetland Islands
House prices in Scotland are continuing to rise annually at a faster rate than any of its follow U.K. countries, despite turning sluggish, according to a report Friday from Your Move.
Prices in the country rose 3.9%—almost £7,000 (US$9,156) on average—in the year through July, bringing the average property price to £181,075, the real estate agency said. The increase is more than double the growth logged in England and Wales.
But the figure is below the 4.2% growth logged in June; the 5.5% in May; and the 6.8% growth seen in April. In fact it’s the lowest growth level since last November, the data showed.
And on a monthly basis, prices in Scotland fell for a third consecutive month in July, dropping 0.4%.
"The market in Scotland is holding on," said Christine Campbell, Your Move managing director in Scotland, in the report.
"While everything is notably slower, almost all areas continue to show annual growth, and drops still remain modest."
Annual prices rose in 27 of Scotland’s 32 local authorities, led by the Shetland Islands—an archipelago 104 miles northeast of the Scottish mainland—at 14.6%.
On the mainland, prices in West Dunbartonshire followed. The region, close to Glasgow, has seen prices grow 12.6% annually, boosted by sales of properties priced over £300,000, the report said.
West Lothian, an area between Edinburgh and Glasgow, recorded annual growth of 12%.
Scotland's major cities, which account for the majority of sales in the country, have proved resilient, the report said. Prices in Edinburgh were up 4.6% annually to £266,614, and growth in Glasgow was 4.1%, bringing prices to £159,700.
As long as the growth in the big cities continues "it provides a solid foundation for the market here to weather more difficult times," said Alan Penman, business development manager for chartered surveyors Walker Fraser Steele, in the report.