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Report Reveals Annual Increase in Scottish House Prices

Looking at other areas in Britain, the data shows that in England there was an annual price increase of 5.7%, taking the average property value to £243,945. This is an increase of 0.6% since August 2017.
 
Wales has seen an annual price increase of 5.3%, which takes the average property value to £152,661. House prices have risen by 0.6% since August 2017.
 
Across the UK as a  whole, the average property value was £226,367 in September, which is an increase of 5.4% compared to September last year and an increase of 0.4% compared to the previous month.
 

Sales Volumes

There were a total of 8,725 residential property sales in Scotland in July 2017, which is a fall of 5.7% on July 2016 and a decrease of 18.3% on the previous month. This compares with annual decreases in sales volumes of 17.1% in England, 11.3% in Wales and 8.6% in Northern Ireland (Quarter 3 - 2017).
 
“Average prices in Scotland continued their upward trend in September with an increase of 3.1% when compared to September 2016,” commented Registers of Scotland business development and information director Kenny Crawford. “Average prices have been steadily increasing each month since March 2016, when compared with the same month of the previous year.”
 
“Residential sales volumes declined in July,” he added. “The annual decrease of 5.7% on July 2016 in Scotland was the smallest across the UK. The cumulative volume of sales for Scotland for the financial year to date – from April to July 2017 – was 35,484. This is an increase of 10.5% on the equivalent year to date position for July 2016.”
 
The top five local authorities in terms of July sales volumes were the City of Edinburgh (1,145 sales), Glasgow City (1,018 sales), Fife (607 sales), South Lanarkshire (510 sales) and North Lanarkshire (436 sales).
 
The City of Edinburgh was once again the local authority area with the biggest increase in average prices, with an annual rise of 9.0% to £248,702. Overall, 30 of Scotland’s 32 local authorities saw increases in average prices on an annual basis. The two areas experiencing house price falls were Aberdeenshire and Aberdeen City, where prices fell by 2.0% to £192,292 and by 3.5% to £165,275 respectively.
 

Additional Scottish Statistics

Across Scotland, all property types showed an increase in average price in September 2017 when compared with the same month in the previous year. Flatted properties showed the biggest increase, rising by 4.2% to £105,398. The average price of semi-detached properties showed the smallest increase, 2.1% to £149,616.
 
The average price in September 2017 for a property purchased by a first time buyer was £117,510 – an increase of 3.1% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £173,160 – also an increase of 3.1% on the previous year.
 

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For expert legal advice on buying or selling residential property in Scotland then contact our specialist conveyancing solicitors today.

 

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