New research from iad UK, a self-employed estate agency, has revealed that Scotland’s housing market has remarkably outperformed other British nations in terms of house price growth over the past year and over a three-year period.
Analyzing annual and three-year house price changes in England, Scotland, and Wales, iad UK sought to determine which nation has the most robust housing market. The findings show that while the average house price in Great Britain currently stands at £294,478, reflecting a slight annual decline of 0.2%, Scotland has defied this trend with a notable increase.
In contrast to the 2.7% decrease in Wales and a 0.5% drop in England, Scotland’s housing market has seen a 2.5% rise over the past year, bringing its average house price to £195,387.
Looking at the changes since the pandemic began in December 2019, Great Britain’s overall average house price has risen by 25.6%. Scotland leads this growth with an impressive 30% increase, while Wales follows closely with a 29.1% rise. England, meanwhile, has experienced a slightly lower growth rate of 24.8%.
Lee O’Brien, Managing Director of iad UK, commented on the regional differences within the British housing market: “Great Britain has a small geographical footprint within which sits a large and compartmentalised housing market. While many tend to focus on national market performance, this rarely provides an accurate picture because London, for example, can be wildly different to that of Manchester, or Edinburgh.”
He emphasized the importance of understanding local market dynamics, especially in times of economic uncertainty. O’Brien added, “For buyers and sellers alike, it’s vital to understand your local housing market, not just the nationwide picture. That’s why a great estate agent with tons of local knowledge, brilliant market data and experience is always an important ally.”
This research highlights the resilience of Scotland’s housing market, offering a positive outlook for homeowners and potential buyers in the region amidst broader economic challenges.