Home ownership is at risk of becoming out of reach for many due to a “perfect storm” of soaring house prices and rising interest rates.

New statistics from the ONS have shown that between May 2021 and May 2023 average house prices in Scotland rose by a shocking £23,929.

Although house prices in West Dunbartonshire have fallen since January this year, they have still risen by £5000 over the last two years to £130,225.

In the 12 months to May 2023, house prices in Argyll and Bute rose by 3.1 percent from £181,640 to £187,287.

May 2021 and May 2023, the Bank of England interest rate spiralled from 0.1 percent to a jaw-dropping 4.5 percent as disastrous Tory economics caused misery for homeowners.

Interest rates have risen again since, pushing mortgages to their highest point in 15 years and sparking warnings from the Bank of England that huge numbers of people will be paying an extra £500 per month.

Jackie Baillie has blasted government inaction on this “double whammy” and called on both Holyrood and Westminster to do more to support people through this crisis. 

Earlier this month, Scottish Labour also raised alarm bells as the number of affordable housing approvals in Scotland decreased by a whopping 50 percent since 2020 and 18 percent in the past year alone, adding pressure to an existing housing crisis.

Jackie Baillie said: “This bombshell has forced home ownership out of reach for thousands of Scots, but the Tories and the SNP are doing nothing to fix it.

“A double whammy of soaring house prices during the last two years and rising interest rates has pushed mortgages through the roof and priced out potential first time buyers. This is putting more pressure on the social housing sector as well and is causing a vicious circle.

“My office is dealing with people on a daily basis who cannot find a home to suit their needs and this is just adding to the problem.

“People aspire to owning their own home but this will now be an impossible dream for many while their governments are missing in action.

“Scots cannot be expected to weather this perfect storm alone. We need urgent support for those struggling with housing coupled with long term economic growth to drive prices down.”