Scottish house prices see 7.3% annual jump

22/03/2018 12:02:27

The average price of a property in Scotland in January 2018 was £148,512 – an increase of 7.3% on January in the previous year and an increase of 1.4% when compared to the previous month.

The figures from the Registers of Scotland’s latest monthly UK House Price Index (UK HPI) shows that compares to a UK average of £225,621, which was an increase of 4.9% on January in the previous year and a decrease of 0.3% when compared to the previous month.

The volume of residential sales in Scotland in November 2017 was 8,572 – a decrease of 1.9% on November 2016 and a decrease of 4.1% on the previous month.

This compares with annual decreases in sales volumes of 13.0% in England and 5.2% in Wales in November 2017, and 8.8% in Northern Ireland Quarter 4 – 2017.

Registers of Scotland operations director and accountable officer Janet Egdell, said: “Average prices in Scotland continued their upward trend in January with an increase of 7.3% when compared to January 2017. Average prices have been steadily increasing each month since March 2016, when compared with the same month of the previous year.

“Residential sales volumes decreased in November. The annual decrease of 1.9% when compared with November 2016 in Scotland is in the context of larger decreases across the rest of the UK. The cumulative volume of sales for Scotland for the financial year to date – from April to November 2017 – was 72,842. This is an increase of 7.9% on the equivalent year to date position for November 2016.”

Average price increases were recorded in the vast majority (28) of local authorities in January 2018, when comparing prices with the previous year. The biggest price increases were in East Lothian and West Lothian, where average prices increased by 13.9% to £219,393 and 13.3% to £156,149 respectively. The biggest decrease was recorded in Stirling where prices fell by 0.6% to £174,982.

Increases in sales volumes were recorded in less than half (13) of local authorities in November 2017, when comparing volumes with the previous year. The biggest increases were in West Dunbartonshire (up 27.8% to 161 sales), East Ayrshire (up 22.2% to 193 sales) and Moray (20.5% to 147 sales). Local authorities with large decreases in sales volumes included Inverclyde, Falkirk, Angus and Renfrewshire.

Across Scotland, all property types showed an increase in average price in January 2018 when compared with the same month in the previous year. Detached properties showed the biggest increase, rising by 8.6% to £261,291. The average price of flatted properties showed an increase of 5.6% to £105,590, the smallest increase of all property types.

The average price in January 2018 for a property purchased by a first time buyer was £119,174 – an increase of 6.5% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £179,391 – an increase of 8.3% on the previous year.

The average price for a cash sale was £136,482 – an increase of 6.6% on the previous year – while the average price for property purchased with a mortgage was £154,125 – an increase of 7.7% on the previous year.

If you are wondering how much your home is worth get in touch with your local Scottish Property Centre branch here.

Source: Scottish Housing News

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