23 Oct 2017

Scottish house prices continue to rise as autumn market picks up

Scottish house prices continue to rise as autumn market picks up

Official new figures show that Scottish home prices and the number of properties being sold are both on the up.

The average price in August was £146,354 – a year-on-year rise of 3.9%.

Registers of Scotland (RoS) also reported that the volume of residential sales in Scotland in June was 10,473 – a jump of 19.3% on June 2016 and an increase of 26.2% on the previous month.  

RoS 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. 

“Average prices in Scotland also continued their upward trend in August. Average prices have been steadily increasing each month since March 2016 when compared with the same month of the previous year.”

Top five

The top five local authorities for sales volumes were: Glasgow City (1,224), the City of Edinburgh (1,216), Fife (704), South Lanarkshire (674) and North Lanarkshire (561).

Average price increases were recorded in 28 out of 32 local authorities in August when comparing prices with the previous year. 

The biggest price rise was in the City of Edinburgh, where the average price increased by 10.4% to £246,611. The biggest decreases were in Aberdeenshire and Aberdeen City, where prices fell by 5.7% to £188,876 and by 4.8% to £167,903 respectively.

Across Scotland, all property types, with the exception of detached properties, showed a year-on-year rise in average price in August.

Flats had the biggest increase, soaring by 8.4% to £108,772. The average price of detached properties decreased by 1.9% to £240,241.

The average price in August for a property purchased by a first-time buyer was £120,824 – a year-on-year jump  of 6.2%.

Properties bought by a previous owner-occupier went for an average of £171,611 – an increase of 1.5% on the previous year.

The average price for a cash sale was £135,802 – ahead 4.7% on the previous year, while the average for property purchased with a mortgage was £151,197 – up 3.5%.

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