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Report Gives Insight into Scottish Housing Market

The average price of a property in Scotland in June 2017 was £144,253, according to the latest UK House Price Index. This is an increase of 2.9% compared to June the previous year and an increase of 0.1% over the previous month.

 

UK Figures

Across the UK as a whole, house prices in June increased by 4.9% on an annual basis, and 0.8% since May 2017, taking the average property value to £223,257.
 
Looking at the UK figures in more detail, they show that:
 
  • England experienced an annual price increase of 5.2%, which takes the average property value to £240,325. Monthly house prices have risen by 0.8% since May 2017.
  • Wales saw an annual price increase of 3.6%, taking the average property value to £151,672. Monthly house prices have risen by 2.9% since May 2017.
  • Prices in London rose on annual basis by 2.9%, which takes the average property value to £481,556. However, monthly prices have fallen by 0.7%.

 

Sales Volumes

There were just over 7,900 residential sales in Scotland in April 2017, which is an increase of 16.0% on April 2016 but a decrease of 14.2% compared to the previous month. The comparable annual increase figures in England, Wales and Northern Ireland were 1.6%, 9.9% and 5.0% respectively.
 
“Average prices in June continued their upward trend when compared with June 2016,” commented Registers of Scotland business development and information director Kenny Crawford. “There have been increases in every month since March 2016 when compared with the same month of the previous year.”
 
"Sales volumes figures for April 2017 showed an increase in Scotland of 16.0% when compared with April 2016,” he added. “However, volumes in April 2016 were lower than usual, a possible effect of the introduction of changes to the Land and Buildings Transaction Tax that came into effect on 1st  April 2016."
 
The City of Edinburgh saw the greatest sales volume, with 964 sales. It was followed by Glasgow City (868 sales), Fife (543 sales), South Lanarkshire (511 sales) and North Lanarkshire (411 sales).
 
Price increases were recorded in 29 out of 32 local authorities in June 2017 compared to the previous year. The biggest price increase was in Glasgow City, where the average price increased by 8.5% to £123,609. The biggest decrease was again in the City of Aberdeen, where prices fell by 10.0% to £163,847.
 

Prices Rise for all Property Types

Across Scotland, all property types showed an increase in average price in June 2017 when compared with the same month in the previous year. Flatted properties showed the biggest increase, rising by 4.3% to £104,289.
 
The average price in June 2017 for property purchased by a first time buyer was £116,315 – an increase of 2.5% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £173,088 – an increase of 3.1% on the previous year.
 
The average price for a cash sale was £136,785 – an increase of 5.1% on the previous year – while the average price for property purchased with a mortgage was £149,192 – an increase of 2.6% on the previous year.
 

Contact Us

For expert legal advice on buying or selling property in Scotland then contact our specialist property lawyers today.
 

 

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