Scotland prices grow against seasonal slowdown

Annual house price growth north of the border now stands at 1.4% (£2,282) as typical prices reached £167,505 in September.

Annual growth is still far off levels reached in September last year when it stood at 5.4%.

Christine Campbell, Your Move managing director in Scotland, said: “Usually there is a decline in house purchase activity between August and September, as a lagged effect of the summer holidays.

“However, this month’s figures go against this trend. Despite other headwinds, this could be down to Scotland’s rising employment rate, increasing by 3,000 in the three months to September to 2,614,000 according to the ONS.

“With interest rates unlikely to change until 2017, low borrowing costs and near zero inflation should also help to pull up prices in the future.”

Scotland’s sales also performed strongly in September by increasing by 3% from the previous month and 10% from last year.

In total 23 of Scotland’s local authorities saw annual price growth, however in seven of the nine most expensive authorities the Land and Buildings Transaction Tax has dampened down the market and therefore prevented price increases.

The Land and Buildings Transaction Tax charges a rate of 10% for people buying homes between £325,000 and £750,000.