Average Scottish house price falls from record high
The average price of a property in Scotland fell by more than £3,000 in December from a record high the previous month, the latest provisional statistics from the UK House Price Index (HPI) has shown.
Prices in Scotland decreased by 1.8% between November 2021, when they reached £183,876, and December’s figure of £180,485.
The volume of residential sales in Scotland in October 2021 was 10,228, a decrease of 16.2% on the original provisional estimate for October 2020 and an increase of 8.2% on October 2019.
This compares with decreases of 66.0% in England and 45.7% in Wales to October 2021, whilst sales volumes increased 62.6% in Northern Ireland analysing Quarter 3 2021, relative to the same quarter in the previous year.
The UK average house price was £274,712, which was an increase of 10.8% on December 2020 and an increase of 0.8% on the previous month.
Registers of Scotland business development director Kenny Crawford said: “The average price of a property in Scotland in December was £180,485, slightly lower than £183,876 reported in November 2021 which was the highest reported for any month since January 2004, from when Scottish data for the UK HPI was first available.
“Over the year as a whole, from November 2020 to the end of October 2021, the number of transactions has picked up following the reductions caused by COVID-19 measures and cumulatively is now 67% higher than the previous year. Figures in the current year to date are also 15.5% higher than pre-COVID-19 figures from November 2018 to October 2019.”
In Scotland, detached properties showed the biggest increase out of all property types, rising by 16.7% in the year to December 2021 to £330,461. Flatted properties showed the smallest increase, rising by 5.9% in the year to December 2021 to £122,189.
Average price increases were recorded in all 32 local authorities, when comparing prices with the previous year. The largest increase was in Fife where the average price increased by 16.0% to £166,836. The smallest increase was recorded in the City of Aberdeen, where the average price increased by 3.5% to £148,251.
In December 2021, the highest-priced area to purchase a property was the City of Edinburgh, where the average price was £312,459. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £121,488.