Walker Fraser Steele has reported that annual Scottish house price growth now stands at 8.4%, the highest level in 2022.

The average Scottish house price is currently £220,870.

Scotland records its second highest number of May transactions in last 10 years, while 21 of 32 Local Authorities had rising prices in the month, which was the same as in April.

Meanwhile, the largest annual increase (at 22.6%) was in Argyle & Bute.

Scott Jack, regional development director at Walker Fraser Steele, said: “One would never claim any market is bullet proof but on the current evidence Scotland’s property market remains at the very least in robust form. The rise in interest rates and the increase in the cost of-living are not yet having a marked impact on house price growth.

“The average price paid for a house in Scotland in May 2022 according to our data is £220,870, establishing yet another record price for the country – the eleventh occasion that this has happened in the last twelve months. This price is some £17,100 higher than that seen in May 2021, meaning that prices have risen by 8.4% on an annual basis. This annual growth rate is the highest recorded to date in 2022.

“The market transaction data too is robust – defying any expectations of a slow-down on this evidence. The provisional figure for May 2022 is 9,092 transactions, which is the second highest May figure of the last ten years – the highest having taken place in 2019, being the year before the pandemic struck.

“Ultimately demand is strong, but the supply of desirable stock remains low. Property prices are therefore seemingly more resilient in the face of rising borrowing costs.

“Over and above homebuyers, property remains attractive to investors too as it continues to outperform other assets such as equities, which are affected more acutely by higher borrowing costs.”