Mark Griffin MSP

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

In the same period, the Bank of England interest rate spiralled from 0.1% to 4.5%, sending mortgage bills to their higher levels for 15 years.

The Bank has warned millions will soon be paying an extra £500 a month.

Scottish Labour said this “double whammy” risked putting home ownership out of reach for families and called on both Holyrood and Westminster to do more.

The party also highlighted analysis released last month which suggested the Scottish Government will miss a key target of building 110,000 affordable homes by 2032 due to a slowdown in the number of approvals for new homes.

Housing spokesperson Mark Griffin 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 and interest rates has pushed mortgages through the roof and priced out potential first time buyers.

“What was once an aspiration will now feel like an impossible dream for many, but while they face these difficult times 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.”

Social justice secretary Shirley-Anne Somerville said Brexit and a decade of Tory austerity and economic mismanagement had put household budgets under severe pressure.

She said: “The Scottish Government has repeatedly asked the UK Government to address this, and particularly to support those most impacted by high inflation, interest rates and living costs.

“We have provided almost £3 billion, both last year and this, for policies which tackle poverty and to protect people as far as possible during the cost of living crisis.

“We also introduced emergency legislation to protect tenants during the crisis, including increased protection for private tenants facing eviction and a temporary rent cap.

“We remain committed to making £3.5bn available for affordable housing over the current parliamentary session as part of our ambitious plans to deliver 110,000 affordable homes by 2032.

“The number of affordable homes completed in Scotland in the year to end March 2023 is the highest annual figure since 2000.”