03 Feb 2015
House prices continued to rise in the third quarter of 2014-15, according to official statistics published today by Registers of Scotland (RoS).
The average house price in Scotland in the third quarter was £165,197, up 3.4% on the same period in 2013. This is the highest figure for this quarter since RoS began compiling quarterly house price statistics in 2003.
From October to December last year, the total value of sales across Scotland was also up, with an increase of 3.1% compared to the previous year to just under £4.2billion. Moray showed the highest percentage rise, with the value of sales increasing by 21.7% compared to the previous year.
North Ayrshire recorded the highest percentage rise in average price compared with the same quarter of the previous year, up 17.1% to £124,260. Aberdeenshire had the highest average at £232,331, a rise of 5%. The largest percentage fall in price was in Falkirk, which showed a drop of 4.3% with an average price of £123,180.
Commenting on the data, Bob Fraser, Senior Property Partner at Aberdein Considine, said: "The third quarter figures from RoS always paint the most accurate picture of the property market, because the sales agreed over the spring and summer tend to settle in this quarter.
"What these figures tell us is that the property market around Scotland is extremely robust with prices and sales generally rising – even in what would be considered the poorer areas of the country.
"A few areas in particular are worth a special mention. The value of sales has jumped by more than 20% in Moray, which I would put down to a renewed confidence in the area’s economy after the future of the region’s bases was cleared up.
"Also, average prices in Aberdeenshire have risen by another 5% year-on-year, making homes in the region the most expensive in Scotland – even more expansive than Edinburgh, which is typically higher.
"Undoubtedly this is due to the oil and gas industry, which has faced cost pressures since these transactions. Future figures will give a better reflection of what impact the oil price drop has, if any."
The total volume of sales across Scotland during the third quarter was 25,413, a decrease of 0.3% on the same quarter the previous year. This is the first decrease in sales volumes since quarter two of 2012-13.
Argyll and Bute showed the largest percentage rise in the number of sales with an increase of 18.2% compared to the same period in the 2013. The City of Edinburgh again recorded the highest sales volume with 2,924 residential sales, a decrease of 1.5% on the previous year. The largest percentage decrease was in Stirling, which showed a drop of 14.2% with 406 residential house sales in this quarter.
All property types, with the exception of detached properties, showed an increase in average house price in this quarter, the biggest being in semi-detached properties at 5.5%. With the exception of flats, all property types experienced a decrease in sales volumes, with detached properties recording the biggest decrease of 4.2% compared to the previous year.
The Press and Journal: Aberdeenshire named most expensive place in Scotland to buy home.
Daily Record: Scotland house prices rise to average of more than £165,000.
Evening Express: Average house price in Aberdeenshire highest in Scotland.