In Q4 2014 Scotland and the North of England saw house prices fluctuate by 6.5% and 6.3%, ahead of London (2.0%) and the South East (2.5%).
House prices in Scotland and the North of England made the biggest UK gains in the fourth quarter of 2016, a regional breakdown of Halifax’s house price index has revealed.
In Q4 2014 Scotland and the North of England saw house prices fluctuate by 6.5% and 6.3%, ahead of London (2.0%) and the South East (2.5%).
Wales (-6.4%) and Northern Ireland (-2.0%) saw the largest declines, followed by East Anglia (-1.5%).
Mark Dyason, director of Edinburgh Mortgage Advice, said: "Good to see Scotland leading the way, a further indication that it has taken the Brexit vote in its stride and the property market and economy overall look in good shape.
"The rises have been historically lower so this is the market catching up as some other areas slow a little.
"Even with oil prices having affected areas such as Aberdeen, the rise for Scotland as a whole shows robust demand over the last year.
"Perhaps this should act as a reminder for those non whole of UK lenders looking for incremental rises in lending that coming to Scotland should be high on their agenda."
David Copland, director of TMA Mortgage Club, said: “Although house price inflation has continued to rise in London, it is still lagging behind the areas within the South East commuter belt.
“As a result, we could see homeowners working on the commuter belt moving back to the capital, especially given the recent tube and train strikes.
“Overall, however, today’s statistics highlight both the robustness of UK house prices as well as the lack of properties available in the market.
“Looking ahead, it remains to be seen whether the government’s plans for a set of new garden cities and its new starter homes scheme will redress this lack of supply.”
Jeremy Duncombe, director, Legal & General Mortgage Club, said the government has an excellent opportunity to set the housing agenda for 2017 in the first few months of the year.
He added: “Whilst measures such as the government’s new starter homes scheme and plans for a set of new garden cities might grab the headlines, we must also ensure that housing policy addresses the needs of people across all tenures, whether they be first time buyers, older homeowners or renters.
“That is the key to creating fair housing market that works for all.”
