Scottish house prices up 1.3% on average
The average price of a property in Scotland increased by 1.3% in January 2019 on the previous year, new statistics have found.
The latest publication of the monthly UK House Price Index (HPI) shows that the average price of a property in Scotland in January 2019 was £149,036 – an increase of 1.3% on January in the previous year and an increase of 0.6% when compared to the previous month.
The volume of residential sales in Scotland in November 2018 was 9,992 – an increase of 16.6% on November 2017 (a like-for-like comparison of the latest provisional estimate for November 2018 with the original provisional estimate for November 2017 as recorded before final figures became available).
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 1.3% when compared to January 2018. The average price has increased each month since March 2016, when compared with the same month of the previous year.
“The volume of residential sales in Scotland increased in November. This continues a recent turnaround following the downward trend seen in most months since November 2017, when compared with the same month of the previous year. From April to November 2018, the cumulative sales volume was 73,157. This is a decrease of 0.3% on the equivalent year to date position in the previous financial year 2017-18.”
Average price increases were recorded in the majority (22) of local authorities in January 2019, when comparing prices with the previous year. The biggest price increases were in Midlothian and Perth and Kinross where average prices increased by 13.6% to £187,264 and 7.2% to £192,153 respectively. The largest decreases were recorded in Inverclyde and Aberdeen City, where average prices fell by 8.1% to £89,865 and 7.9% to £150,381 respectively.
Across Scotland, all property types showed an increase in average price in January 2019 when compared with the same month in the previous year. Flatted properties showed the biggest increase, rising by 1.8% to £107,872. The average price of detached properties rose by 0.4% to £256,726, the smallest increase of all property types.
The average price in January 2019 for a property purchased by a first time buyer was £120,887 – an increase of 1.8% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £177,938 – an increase of 0.8% on the previous year.
The average price was £137,721 for a cash sale – an increase of 1.6% on the previous year – while the average price for property purchased with a mortgage was £154,275 – an increase of 1.2% on the previous year.