House Prices up by 4% on average in Scotland

The Average House Price increased by 4% in Scotland

Registers of Scotland has just released its latest Scottish House Price Index figures.

This monthly Report contains details of the movement in the average price of residential property in Scotland. It also provides information on the volume of sales.  As well as presenting the data for the whole of Scotland, additional information is also published on average prices and volumes across Scotland’s 32 local authority areas.

Average Price

According to the report, the average price of a property in Scotland in January 2017 has increased by 4% over the same month in 2016. The current average price is now £142,233. This figure is also an increase of 2.1% over the December 2016 figure.

The average price increased in 23 local authority areas. Shetland Islands saw an increase this month with the average price increasing by 21.9%. Na h-Eileanan Siar and East Renfrewshire were the only other local authorities that saw double digit growth, rising by 19.7% and 10.8% respectively.

On the down side, reductions in the average price of property were experienced in Aberdeenshire (-4.2%), City of Aberdeen (-10.2%), Inverclyde (-5.3%), North Ayrshire (-1.7%), Orkney Islands (-4.3%), Renfrewshire (-0.8%), Scottish Borders (-1.7%) and West Dunbartonshire (-3.8%). Interestingly, Midlothian saw no movement up or down this month.

Sales Volumes

The volume of sales of residential property in Scotland in November 2016 stood at 8,549 which was a decrease of 3.2% against the November 2015 but an increase of 2.6% over the October 2016 figure. The graph opposite shows the volume of sales for the month of November since 2012 and as can be seen, November 2016 saw figures on par with the 2014 figures but less than the November number in both 2013 and 2015.

Average price by property type

The average price for all types of property across Scotland rose in January 2017 when compared with the same month in the previous year. The biggest rise was in the average price of Detached properties where it increased by 4.6% to stand at £248,647. The following table contains the details of the increases across the various property types.

The view from the Scottish Borders

The average price of a residential property in the Scottish Borders dropped slightly (-1.7%) in January 2017 to stand at £144,406 when compared against the January 2016 figure when it stood at £146,857.

In terms of volume of sales of residential property November 2016 saw 195 sales, an 11.4% increase against the 175 sales recorded in November 2016.

UK HPI data published by Land Registry © Crown copyright 2016 – 23 March 2017

Sales Volumes: Due to a period of 2 to 8 weeks between completion and registration of sales, volume figures for the most recent two months are not yet complete, so they are not included in the report.

Volume of house sales in the Borders increased by 11.4% in November 2016 compared with November
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