City house prices up by 10 per cent

Property prices are up almost 10 per cent in Edinburgh
Property prices are up almost 10 per cent in Edinburgh
0
Have your say

Average house prices in Scotland have continued to rise with Edinburgh seeing the biggest increase over the last 12 months.

The average value of a home in the city soared by almost 10 per cent to £243,920 last month.

The property boom in the capital is outstripping that seen across the rest of Scotland where average prices rose 5 per cent to £149,185 in July.

The latest figures from the UK house price index (UK HPI) showed average July prices were also up 2.8% on the previous month.

This compares to a UK average of £226,185, an increase of 5.1% on the previous year and 1.1% on the previous month.

Meanwhile, the average price for property purchased by a first time buyer in July was £120,630 - an increase of 4.1% compared to the same month in the previous year.

The data also shows a rise in residential sales in May, up to 8,241.

Registers of Scotland business development and information director Kenny Crawford said: “This represents the biggest percentage increase year-on-year since March 2015.”