Average Scottish house prices increase to top £146,000

House sale stock 3The average house price in Scotland increased by 3.9% in the last 12 months to reach more than £146,000, according to new figures.

The latest publication of the monthly UK House Price Index (UK HPI) shows that the average price of a property in Scotland in August 2017 was £146,354 – an increase of 3.9% on August in the previous year and a decrease of 0.7% when compared to July.

This compares to a UK average of £225,956, which was an increase of 5% compared to August in the previous year and an increase of 0.5% when compared to the previous month.

The largest price increase in Scotland was in Edinburgh, which had a 10.4% increase between August 2016 and August 2017 to £246,611.

Aberdeenshire had Scotland’s largest price drop in the same period as average prices fell 5.7% to £188,876, followed by a 4.8% drop in Aberdeen to £167,903.

Registers of Scotland registration and transformation director, Charles Keegan, said: “Residential sales volumes have taken a boost in June, with volumes hitting a five-figure total for the first time since March 2016.

“The volume in June 2017 was 10,473 while the volume of sales recorded in March 2016 was 11,017.

“However, the 2016 figure is likely to have been enhanced by house buyers seeking to finalise purchases prior to the introduction of changes to the land and buildings transaction tax that came into effect on April 1, 2016.”

He added: “Sales volumes in Scotland also continued to perform well in comparison to the other countries of the UK.

“Average prices in Scotland also continued their upward trend in August with an increase of 3.9% when compared to August 2016.”