Scottish house price rise 'highest since 2007'
House prices in Scotland have seen their highest annual increase since 2007, according to new figures.
The Office for National Statistics (ONS) said average prices climbed by 14.6% over the year to March, to stand at £207,000. That compared with a rise of 9.4% in England, 7.5% in Northern Ireland and 5.7% in Wales. The average house price across the UK as a whole was £273,000 in March of this year. The ONS house price index found the number of mortgages for house sales in Scotland increased by about 50% between February and March this year. It said that homes costing more than £500,000 accounted for a "significant proportion" of the increase in sales. The ONS report added: "These factors, along with a relatively small annual increase in Scotland prices of 0.8% in March 2014, have led to the price index for Scotland increasing by 14.6% when compared to a year earlier. "It should also be noted that the Land and Buildings Transaction Tax replaced UK stamp duty land tax in Scotland from 1 April 2015, which may have had an impact on the increase in prices."