Property prices in Scotland are rising at a faster rate than the rest of the U.K. according to a report Friday from Your Move.
Prices in the country rose 7.7%—more than £13,000 (US$17,318) on average—in the year through March, bringing the average property price to £184,850 (US$246,108), the report from the real estate agency said.
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That compares to rises of just 1% in England and Wales during the same time frame.
Even in Wales, which was bolstered by high-value sales as buyers rushed to beat April’s new Land Transaction Tax (the country’s new property tax), prices still trail behind Scotland, with an annual growth of 4.8% in the year through March, according to the report.
Scotland’s price growth is led by the towns of Falkirk and Edinburgh, where property values logged increases of 15.4% and 14.5% respectively.
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In part, the strong performance in Edinburgh is down to strong sales of high-end properties, the report said. There were 62 transactions priced at £750,000 (US$998,839) or over in the city in the first three months of the year, more than double last year’s numbers.
"We should welcome the growth we’re seeing in property prices in Scotland because it reflects a strong economy," said Alan Penman, business development manager for chartered surveyors Walker Fraser Steele, in the report.
"We shouldn’t be blind to the fact that price increases reflect not just strong demand, but also a pronounced lack of supply in housing, however," Mr. Penman added.