Average Scottish house prices up 2.9% on previous year
The average price of a property in Scotland in November 2018 was £150,638 – an increase of 2.9% on November in the previous year and a decrease of 0.7% when compared to the previous month.
This compares to a UK average of £230,630, which was an increase of 2.8% on November in the previous year and a decrease of 0.1% when compared to the previous month.
The latest publication of the monthly UK HPI shows that the volume of residential sales in Scotland in September 2018 was 8,472 – a decrease of 9.1% on September 2017 (a like-for-like comparison of the latest provisional estimate for September 2018 with the original provisional estimate for September 2017 as recorded before final figures became available. This compares to decreases of 7.9% in England and 7.7% in Wales, and an increase of 4.9% in Northern Ireland (Quarter 3 – 2018).
Registers of Scotland operations director and accountable officer, Janet Egdell, said: “Average prices in Scotland continued their upward trend in November with an increase of 2.9% when compared to November 2017. While the average price has increased each month since March 2016, when compared with the same month of the previous year, the trend in sales volume has not been as positive.
“The volume of residential sales in Scotland decreased in September, and has decreased in most months since November 2017, when compared with the same month of the previous year. This downward trend is also reflected in the cumulative volume of sales for Scotland for the financial year to date. From April 2018 to September 2018, the cumulative sales volume was 53,897. This is a decrease of 3.1% 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 November 2018, when comparing prices with the previous year. The biggest price increases were in Midlothian, Highland and City of Edinburgh where average prices increased by 11.9% to £187,796, 9.5% to £170,923 and 9.3% to £266,985 respectively. The largest decrease was recorded in Aberdeen City, where average prices fell by 6.7% to £154,550.
Across Scotland, all property types showed an increase in average price in November 2018 when compared with the same month in the previous year. Terraced properties showed the biggest increase, rising by 4.3% to £125,616. The average price of flatted properties rose by 1.8% to £108,398, the smallest increase of all property types.
The average price in November 2018 for a property purchased by a first time buyer was £121,735 – an increase of 2.7% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £180,611 – an increase of 3.2% on the previous year.
The average price for a cash sale was £138,574 – an increase of 2.5% on the previous year – while the average price for property purchased with a mortgage was £156,255 – an increase of 3.1% on the previous year.