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Annual price growth in Scotland at 3.9% is almost double that in England and Wales

Property prices in Scotland increased by 3.9% in the 12 months to July 2018, more than double the rate of growth recorded in England and Wales, the latest index data shows.

The average price is now £181,075 and Edinburgh and Glasgow accounted for a third of Scotland’s increase on a weight adjusted basis, according to the Your Move index.

However, on a monthly basis, prices in Scotland fell for a third consecutive month in July, dropping 0.4% but the index report says that while price growth has slowed in Scotland, the market continues to be supported by low interest rates and more affordable housing than most regions in the UK.

A breakdown of the figures show that prices in Edinburgh were up 4.6% annually to a average of £266,614, while growth in Glasgow was 4.1% to £159,700.

But overall growth was led by the Shetland Islands, at 14.6%, with increases across all property types, but particularly in detached properties. On the mainland, prices in West Dunbartonshire, which has direct trains to both Glasgow and Edinburgh, have increased 12.6%, boosted by sales of high value properties over £300,000.

West Lothian, another major contributor to the market, meanwhile, has also recorded double digit annual growth, with prices up 12%.

On a monthly basis, increases are led by Stirling, with prices up 3.7% in July to £208,077. It was one of two areas to set a new peak price in the month, with Renfrewshire the other. Prices there increased 1.4% in the month and are up 8.5% annually to reach £156,619.

When it comes to prices falls, the biggest are in East Ayrshire, the second cheapest area in Scotland, which has seen prices drop 3.1% annually, while the second biggest drop is in East Renfrewshire, the second most expensive area in the country where prices fell by 1.3%.

‘The market in Scotland is holding on. While everything is notably slower, almost all areas continue to show annual growth, and drops still remain modest,’ said Christine Campbell, Your Move managing director in Scotland.

Source: Property Wire

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Ministers accused of abandoning thousands in need of social housing

Ministers have been accused of “abandoning thousands of people who need social housing” after charity Shelter revealed 33,000 working families are living in temporary accommodation in England.

The charity’s analysis suggested 55% of families living in temporary housing were working in 2017 — up 73% on 2013.

The charity blamed a mix of expensive private rents, a housing benefit freeze and a chronic lack of social housing.

The SNP’s housing spokesman, Alison Thewliss, blasted Housing Secretary James Brokenshire over the figures — telling him that “under this Government work no longer pays”.

Mr Brokenshire responded, telling MPs that the Government is committed to ensuring everyone has “a safe and decent place to live”, adding that more than £1.2 billion has been made available to support those left homeless and £9 billion has been pumped into social and affordable housing.

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Shadow housing secretary John Healey hit out at the explanation, saying: “This is a Government that’s had more than eight years to do the job and what the Government’s doing is not working.

“Home-ownership rose under Labour and has now hit a 30-year low under the Conservatives. You can’t just stoke prices with tax cuts and home-buyer loans; we need to build more low- cost homes to make home-ownership more affordable.”

Labour MP Sarah Jones (Croydon Central) said: “Thousands of people who desperately need social housing are being abandoned as this Government, which entirely pulls out of social housing.”

Mr Brokenshire hit out at Labour’s record and said he “entirely rejected the characterisation” of the Government’s record.

He added: “We are dealing with what has been a broken housing market, something that has existed over many, many years on that lack of investment.

“That is why this Government is committed to investing £44 billion into the home-building agenda in the coming years, something that is about transforming life chances.”

Source: Shropshire Star