Scottish house prices up 5.8% on previous year
The latest publication of the monthly UK HPI shows that this compares to a UK average of £232,554, which was an increase of 3.5% on September in the previous year and no change (0.0%) when compared to the previous month.
The volume of residential sales in Scotland in July 2018 was 8,770 – a decrease of 1.9% on July 2017. This compares with annual decreases in sales volumes of 17.2% in England and 10.6% in Wales in July 2018, and 12.4% in Northern Ireland in Quarter 3 - 2018.
Registers of Scotland business development and information director, Kenny Crawford, said: “Average prices in Scotland continued their upward trend in September with an increase of 5.8% when compared to September 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 July. The annual decrease of 1.9% when compared with July 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 July 2018 – was 34,763. This is a decrease of 4.8% on the equivalent year to date position in the previous financial year 2017/18.”
Average price increases were recorded in the majority (27) of local authorities in September 2018, when comparing prices with the previous year. The biggest price increases were in West Dunbartonshire and Glasgow City, where average prices increased by 11.9% to £109,828 and 10.4% to £137,507 respectively. The largest decreases were recorded in Aberdeen City and Scottish Borders, where average prices fell by 4.4% to £161,439 and 2.7% to £151,200 respectively.
Increases in sales volumes were recorded in 17 local authorities in July 2018, when comparing volumes with the previous year. The biggest increases were in South Ayrshire and North Ayrshire, where volumes increased by 39.0% to 260 sales and 26.6% to 224 sales respectively. The biggest decreases were in Stirling and City of Edinburgh, where volumes fell by 22.9% to 131 sales and 21.2% to 935 sales respectively.
Across Scotland, all property types showed an increase in average price in September 2018 when compared with the same month in the previous year. Semi-detached properties showed the biggest increase, rising by 7.1% to £159,933. The average price of flatted properties rose by 4.2% to £109,209, the smallest increase of all property types.
The average price in September 2018 for a property purchased by a first time buyer was £123,547 – an increase of 5.5% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £183,512 – an increase of 6.2% on the previous year.
The average price for a cash sale was £140,476 – an increase of 5.2% on the previous year – while the average price for property purchased with a mortgage was £158,785 – an increase of 6.1% on the previous year.