House prices in Scotland grow faster than UK average
The average price of a property in Scotland in May 2019 increased by 2.8% on the previous year to reach £152,801, the UK House Price Index (HPI) has shown.
Comparing with the previous month, house prices in Scotland rose by 1.2% between April 2019 and May 2019.
The UK average house price was £229,431, which was an increase of 1.2% on May in the previous year and an increase of 0.1% on the previous month.
The volume of residential sales in Scotland in March 2019 was 8,255 – an increase of 5.0% on the original provisional estimate for March 2018. This compares with an increase of 0.7% in England and a decrease of 1.2% in Wales and 6.0% in Northern Ireland (Quarter 1 – 2019). From April 2018 to March 2019, the cumulative sales volume in Scotland was 101,009, the same as in the previous financial year (2017-18). The 2018-19 figures are provisional and likely to change.
Registers of Scotland accountable officer, Janet Egdell, said: “Average prices in Scotland continued their upward trend in May, having increased each month since May 2016, when compared with the same month of the previous year. House prices in Scotland were growing faster than the UK annual rate in the year to May 2019. House sales in 2018-19, based on provisional data, were at a similar level to the previous financial year. A long-term view of the Scottish property market can also be found in our recently published Property Market Report.”
Average price increases were recorded in the majority (23) of local authorities when comparing prices with the previous year. The biggest price increases were in North Ayrshire and Stirling where average prices increased by 8.2% to £110,995 and 7.2% to £189,709 respectively.
The largest decreases were recorded in Aberdeen City and South Ayrshire, where average prices fell by 4.4% to £152,686 and 4.1% to £129,413 respectively. Local authority estimates are based on a three-month moving average to reduce volatility.