House prices ‘on the rise’ in October

Scotland saw house price inflation increase in October this year, according to the latest Communities and Local Government (CLG) house price index.

Figures indicate that it rose to 13.9 per cent from 12.5 per cent in September and was above the UK’s average annual house price inflation rate for October (11.3 per cent).

The average house price in Scotland remained below that of the UK for October, at £164,960 in comparison to the national average of £220,195, which may be encouraging news to those looking to purchase a property in the region.

CLG states that the increase in UK house prices between September and October could be attributed to price rises in detached, semidetached and bungalow properties.

Also, the UK house price inflation rate for first-time buyers fell to 10.9 per cent in October from 11.8 per cent in September.

CLG sets UK policy on a number of areas, including housing, fire and rescue, urban regeneration, local government and planning.