Average price of a Scottish home increases 0.6 per cent
The average price of a residential property in Scotland has shown an increase of 0.6 per cent during the second quarter of financial year 2016/17 compared with the same period in the previous year, with the highest rise of 9.7 per cent being reported in East Renfrewshire.
The area also showed the highest average price of £246,120.
The highest percentage fall was recorded in Aberdeen, which reported a decrease of 7.5 per cent in average price compared to the same quarter the previous year to £200,790.
Statistics published by Registers of Scotland (RoS) show that the average property price in the quarter July to September was £170,309.
However, the quarterly statistics figures are based on a different methodology to the recently published RoS monthly House Price Index (HPI) figures.
The quarterly statistics are based on an arithmetic mean and on properties within the £20,000 to £1 million price bracket.
The HPI is based on a geometric mean which is typically closer to the median than the arithmetic mean.
The HPI indicated that the average price of a property in Scotland in August was £144,561, which is closer to the median average price of £145,000 for July-September.
The volume of residential property sales in Scotland in the quarter was 26,982 – a decrease of 1.1 per cent compared to the previous year.
The highest percentage rise in volume of sales was recorded in Clackmannanshire, with an annual increase of 34.6 per cent to 284 residential sales compared with the same quarter the previous year.
Edinburgh recorded the highest volume of sales at 3,334, a fall of 3.2 per cent compared with the same quarter the previous year.
The largest percentage falls in the volumes of sales were in Aberdeen City, which showed a drop of 26.1 per cent to 1,041 residential sales compared to the same quarter last year, and in Aberdeenshire where sales dropped by 25.0 per cent to 1,048 residential sales compared to the same quarter last year.
RoS is now producing a residential price bracket report as part of its quarterly figures. The volume of sales per price bracket can be accessed within the Quarterly Statistics Time Series.
The total value of sales across Scotland registered in the quarter decreased by 0.5 per cent compared to the previous year to just under £4.6 billion.
The City of Edinburgh was the largest market with sales of £806.2m for the quarter, an increase of 2.3 per cent on the previous year.
Midlothian recorded the highest increase in value with sales of £117.2m, an increase of 28.5 per cent compared with the same quarter last year.
Aberdeen showed the largest decrease in market value, a decrease of 31.6 per cent to £209m compared to the same quarter last year, with Aberdeenshire showing a decrease of 29.2 per cent to £224m compared to the same quarter last year.
Detached and semi-detached properties both showed an increase of 0.3 per cent in the average price for these types of properties, while terraced and flatted properties decreased by 3.1 per cent and 0.7 per cent respectively. The average price for a detached property is £249,462, while a semi-detached property is £160,903.
With the exception of terraced properties, all property types showed a decrease in sales volumes, with semi-detached properties showing the biggest decrease at 4.2 per cent. The volume of sales of terraced properties increased by 3.9 per cent.