Scottish house prices reach record high

Average house prices rose to about £167,000 in January.

This figure was over £1,200 more than the last peak, in May 2008.

The January figure came after a one per cent increase in average house prices in December – the greatest monthly increase seen for seven months.

However, completed home sales in January fell 44 per cent on the previous month, double the usual downturn at that time of the year.

The findings were published in the latest house price index produced by Your Move/Acadata.

Most areas of Scotland recorded increases last month, with West Lothian and Fife seeing increases of about ten per cent.

North Ayrshire saw the greatest increase on the mainland over last year, with an increase of 11.6 per cent.

Dundee had a good start to the year with prices increasing sharply by 6.7 per cent in January – representing the biggest month-on-month increase in Scotland.

However, prices went down in some areas too with West Dunbartonshire house prices falling by over seven per cent compared to last year.

Christine Campbell, regional managing director of Your Move, said: “As we entered the new year, we also moved into a new chapter of Scotland’s housing recovery.

“Thousands of home owners are finally able to turn their backs on the housing crash as Scottish house prices break cover from under the clouds of the recession.”

She added: “We may have turned a significant corner in the journey back from the financial crash but we’re nowhere near the finish line.

“Although a minority, average prices have fallen in seven local authorities of Scotland during the past year.”