Scottish house prices have smashed records for the third month in a row, according to the latest data. The average price tag on a property north of the border has now climbed to £225,636!

This latest rise represents a 2.5% jump compared to this time last year and a 0.3% rise from April. This means that Scottish homes have achieved a new peak price, exceeding the previous record set in September 2023.

West Dunbartonshire Leads the Way

The area with the biggest grin on homeowners’ faces is West Dunbartonshire. Properties in this sought-after location have enjoyed a whopping 12% price surge in the last year, bringing the average cost to £153,786.

However, it’s not all sunshine and roses for everyone. East Lothian saw the biggest dip in prices, with a 6% drop to £324,693.

A “Remarkably Resilient” Market

Scott Jack, a regional director at Walker Fraser Steele, the property experts who crunched the numbers, said: “The market has remained remarkably resilient in recent years given the challenges it has faced but this month’s gain of nearly £600 (0.3%), represents the strongest performance for two years.”

He added: “Clearly, Scotland is enjoying an earlier and stronger revival than across most of England and Wales.”

Will the Good Times Continue?

Experts believe that the recent change in government could give the market another boost. The new leadership has pledged support for the mortgage guarantee scheme, a lifeline for many first-time buyers in Scotland.

There’s also hope that the Bank of England will start to lower interest rates in the coming months, making mortgages cheaper and potentially fuelling further house price growth.