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House Price Index Reveals Annual Price Rise

The average price of a property in Scotland in November 2016 was £143,033, according to the latest UK House Price Index. This is an increase of 3.3% on the previous year and a rise of 1.5% when compared to the previous month.

Across the whole of the UK, the average house price was £217,928 in November, which is an increase of 6.7% over the year and up 1.1% compared to the previous month.

There were apparently 9,352 residential sales in Scotland during September last year, which is a rise of 8.5% on the previous year and up 10.4% on the previous month. This compares with annual decreases in sales volumes of 22.0% in England, 10.4% in Wales and 10.7% in Northern Ireland.

The top five local authorities in terms of sales volumes in Scotland were City of Edinburgh (1,126 sales), Glasgow City (1,104 sales), Fife (634 sales), South Lanarkshire (564 sales) and North Lanarkshire (504 sales).

Looking at house prices, the Index shows that the biggest price increase over the last year took place in East Renfrewshire, where the average price increased by 16.6% cent to £225,312. The biggest decreases were again in the City of Aberdeen, where prices fell by 7.8% to £171,530, and also in Inverclyde where prices fell by 7.8% to £95,551.

Average prices went up across Scotland for all property types compared to the previous year, but the biggest increase was seen in semi-detached properties, which rose by 4.2 % to £149,735.

The average price for a property purchased by a former owner occupier was £171,018 – an increase of 3.3% on the previous year. The average price for property purchased by a first-time buyer was £115,946, which equates to a rise of 3.2% on the previous year.

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If you are looking to buy or sell property in Scotland, then contact our expert conveyancing solicitors today.

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