Average house prices in Scotland lifted by 11.4% to £212,551 in the year to October, the highest rate of all the home nations, according to the Walker Fraser Steele Acadata House Price Index.

The average house price in Scotland has jumped by some £21,800 over the last 12 months, with 31 of 32 local authorities posting rising average prices over the period.

The survey also found that the number of high-priced homes over £750,000 (the top rate of Scotland’s Land and Buildings Transaction Tax) sold over the same period is likely to double to around 902.

However, the report says prices are beginning to ease following the LBTT holiday, which ran from last July to the end of March.

Walker Fraser Steele business development manager Alan Penman says: “Sales volumes from May to October 2021 are only slightly ahead of previous years, and suggest that the market has now returned to pre-pandemic transaction levels.

“Nevertheless, the continuing strong performance in October means Scotland had the highest annual rate of house price growth of the four home nations with annual growth at 11.4%, followed by Northern Ireland at 10% (Ulster University Index), Wales at 9.6% and England, without Wales, at 3.9%.”

Penman adds: “What we are seeing is the impact of the cut in LBTT earlier in the year, the continuation of low interest rates and cheaper mortgage finance, and the desire of many purchasers during the pandemic to buy bigger properties in the race for space.”

“These factors have meant higher-end properties have played a significant part in the overall growth figure.

The top three house price regions in Scotland were Edinburgh at £320,802, East Lothian at £315,240 and East Renfrewshire at £299,877.

Walker Fraser Steele is the trading name of e.surv chartered surveyors in Scotland.