Average property prices up 4.1%
The latest publication of the monthly UK House Price Index shows that the volume of residential sales in Scotland in June 2018 was 10,419 – a decrease of 4.3% on June 2017. This compares with annual decreases in sales volumes of 24.5% in England and 20.0% in Wales in June 2018, and 13.0% in Northern Ireland in Quarter 2 - 2018.
Registers of Scotland business development and information director, Kenny Crawford, said: “Average prices in Scotland continued their upward trend in June with an increase of 4.1% when compared to August 2017. Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.
“Residential sales volumes decreased in June. The annual decrease of 4.3% when compared with June 2017 in Scotland is in the context of much larger decreases across the rest of the UK. The cumulative volume of sales for Scotland for the financial year to date – from April 2018 to June 2018 – was 25,905. This is an increase of 6.0% on the equivalent year to date position in the previous financial year 2017/18.”
Average price increases were recorded in the vast majority (28) of local authorities in August 2018, when comparing prices with the previous year. The biggest price increases were in West Dunbartonshire, Inverclyde and City of Glasgow, where average prices increased by 11.9% to £110,867, 9.8% to £112,550 and 8.9% to £136,353 respectively. The decreases were recorded in City of Aberdeen, Aberdeenshire, Scottish Borders and East Ayrshire, where average prices fell by 4.0% to £161,063, 2.5% to £188,426, 2.5% to £152,576 and 1.7% to £97,696 respectively.
Increases in sales volumes were recorded in 11 local authorities in June 2018, when comparing volumes with the previous year. The biggest increases were in Inverclyde, and Renfrewshire, where volumes increased by 27.0% to 160 sales and 12.1% to 472 sales respectively. The biggest decreases were in Moray and Argyll and Bute, where volumes fell by 24.7% to 122 sales and 22.9% to 155 sales respectively.
Across Scotland, all property types showed an increase in average price in August 2018 when compared with the same month in the previous year. Semi-detached properties showed the biggest increase, rising by 6.0% to £160,535. The average price of detached properties rose by 3.2% to £262,175, the smallest increase of all property types.
The average price in August 2018 for a property purchased by a first time buyer was £124,223 – an increase of 4.3% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £183,257 – an increase of 3.9% on the previous year.
The average price for a cash sale was £141,237 – an increase of 3.5% on the previous year – while the average price for property purchased with a mortgage was £158,920 – an increase of 4.4% on the previous year.