SCOTLAND'S house prices rose at a faster rate annually than anywhere else in the UK in June, according to fresh figures.
While growth slowed sharply across the UK in the face of pressure on households and rising interest rates, Scotland's prices still rose by 11.6% to an average of £192,000 - a record level.
In England, average house prices increased by just 7.3% to £305,000 over the year, while in Wales prices grew 8.6% to £213,000.
In Northern Ireland they increased 9.6% to £169,000 and across the UK as a whole, house prices rose by 7.8%.
The Office for National Statistics (ONS) revealed that UK-wide growth pulled back from 12.8% in May, representing the weakest growth since July last year.
Property price increases partly slowed year-on-year due to a jump last June as prospective buyers outside of Scotland sought to strike deals ahead of the end of the stamp duty holiday.
The ONS said the average house price was £286,000 in June, representing a £20,000 increase against the same month last year.
READ MORE: Nicola Sturgeon labels protesters who verbally abused James Cook 'disgraceful'
ONS house prices statistician Ceri Lewis said: “While annual growth slowed, house prices continue to increase and average prices have now reached record levels in England, Wales, and Scotland.
“Rents continue to climb across the country, with sustained pick-up in London which saw its strongest growth since the beginning of 2017.”
The statistics body also revealed in separate data that private rental prices paid by tenants grew by 3.2% in the 12 months to July.
It represents an acceleration from 3% in June and is the largest annual growth since January 2016.
Nick Leeming, chairman of estate agent Jackson-Stops, said: “On the same day that inflation has reached double figures, a slight sense of restraint is starting to creep into the property market.
“The impact of the higher cost of borrowing and less consumer spending power is likely to gradually filter through over the rest of the year.
“For now, an expected seasonal dip in activity over the summer months should remain front of mind before we declare a market adjustment.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel