While the overall mood has been more than gloomy amid some grim signals from the new Labour Government on what the October 30 Budget might hold, this does not appear to have held back the housing market.

Various indicators point to strength in the Scottish and broader UK residential property markets.

Analysis published this week by estate agent DJ Alexander showed average house prices in Scotland rose by £13,001 or nearly 7% between September 2023 and August 2024, from £186,970 to £199,971. In England and Wales, the estate agent noted, average house prices rose by £8,508 over the same period.

Across Scotland, there were substantial variations in price rises, with East Renfrewshire recording the greatest increase of £27,270, West Lothian showing a gain of £18,919, Edinburgh higher by £17,661, Midlothian up £15,410, and the Borders advancing by £15,324.

The only area which experienced a fall in average house prices over the year to August was Argyll and Bute, which saw a drop of £1,747.

David Alexander, chief executive officer of DJ Alexander Scotland, was in upbeat form as he offered his views on the figures.

He said: “The Scottish housing market continues to be remarkably resilient. An increase of £13,001 equates to a 6.9% rise over the year at a time when interest rates were high and there were concerns over the performance of the economy. The average price of a Scottish home will soon be above........

© Herald Scotland