Scottish house prices in September picked up by 0.2% or £400 compared with August, according to the latest Walker Fraser Steele House Price Index for Scotland.

This increase took average prices above £226,600 for the first time.

This means that Scotland hit a new market high for the fifth time this year.

“This is a limited and bumpy recovery to date, with prices up by only 2-3% on a year-on-year basis in recent months”

Scott Jack, regional development director at Walker Fraser Steele, said: “Notwithstanding the improving backdrop of the cost of living, the Scottish market appears subdued in September, with 14 local authority areas reporting rising prices in the month whilst 18 saw price falls.

“This is a limited and bumpy recovery to date, with prices up by only 2-3% on a year-on-year basis in recent months. The data does not yet reflect any impacts on buyer and seller confidence from the Budget, which will become evident over the coming months and it will be interesting to see if mortgage pricing continues to harden as swap rates have risen.

“The Bank of England Base Rate cut was helpful for affordability and will doubtless ease some home owners’ payments but it is unlikely to provide a significant boost to home buyers.”