House prices in Scotland jumped by almost 10 per cent in a single 12-month period and are now groing faster than those in the UK as a whole.
New figures from the UK Government's House Price Index (HPI) show that the price of property grew by 8.6% in the year to November 2020 north of the border, up from an increase of 6.6% in year to October 2020 - meaning that the average house now costs £165,703.
READ MORE: Scottish housing market to 'reinvigorate' after Covid
Scotland's property market were grew faster than the UK annual rate of 7.6% in the year to November 2020.
On a month-by-month basis, house prices in Scotland increased by 0.9% between October and November 2020, while the number of properties changing hands increased by 17.8% in Scotland.
UK volume transactions fell by by 11.4% over the same period.
Terraced houses showed the biggest increase out of all property types, rising by 10.0% to £139,874 on average, while the smallest average house price change of all property types was in flats and maisonettes, which wtill rose by 6.8% to £117,000.
House prices increased over the year in 31 out of 32 local authority areas. The largest growth was in East Ayrshire where prices increased by 15.6% in the year to November 2020 to £110,000.
The biggest fall for year ending November 2020, was recorded in City of Aberdeen where average prices fell over the year by 3.4% to £141,000.
Commenting on the house price figures in Scotland, Registers of Scotland Accountable Officer Janet Egdell said: “The volume of transactions in September 2020 was high, catching up on some of the reduction in activity in the market in the previous months.”
READ MORE: House prices in Scotland change in 2020
Mike Scott, Chief Analyst at estate agency Yopa, added: "Yopa expects that the annual rate of price growth will remain high throughout 2021.
"There will certainly be a pause and a slowdown in market activity around the end of the stamp duty holiday, but the same period in 2020 saw the almost complete shutdown of the housing market during the first lockdown, and so year-on-year comparisons won’t even be available.
"As the pandemic and associated restrictions hopefully ease off during the second half of the year, we expect that many people will be looking for a fresh start of some kind, or at least for a new home, and that the market will return to a high level of activity."
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