By The average price of a property in Scotland rose 4.4 per cent in the year to October 2018 to £151,508, according to data from Registers of Scotland’s (Ros) House Price Index Report.
This increase of 4.4 per cent in October, which was a decrease of 0.3 per cent compared to the previous month, compares to a UK average of £231,095, which in turn was an increase of 2.7 per cent on October in the previous year.
In terms of residential sales, there was an increase of 9.3 per cent in Scotland in August 2018 of 10,400, compared to figures from the same month in 2017.
When compared with the original provisional estimate for August 2017, the volume of transactions in August 2018 compared with August 2017 equated to an increase of around 12.0 per cent in Scotland, 5.1 per cent in England, 7.3 per cent in Wales and 4.9 per cent in Northern Ireland.
Kenny Crawford, Registers of Scotland business development and information director, commented: “Average prices in Scotland continued their upward trend in October with an increase of 4.4 per cent when compared to October 2017. Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.
“Residential sales volumes increased in August by 9.3 per cent when compared with August 2017 in Scotland. The cumulative volume of sales for Scotland for the financial year to date – from April 2018 to August 2018 – was 45,281. This is a decrease of 1.6 per cent on the equivalent year to date position in the previous financial year 2017/18.”
The recent data from Registers of Scotland also indicated that average price increases were recorded in 27 out of 32 local authorities in October 2018, when comparing prices with the previous year.
The biggest house price increases were recorded in Glasgow City, East Dunbartonshire and North Lanarkshire where average prices increased by 9.3 per cent to £135,238, 8.0 per cent to £218,795 and 7.8 per cent to £109,102 respectively, according to data from Registers of Scotland.
The largest decreases in house prices were recorded in Aberdeen and East Ayrshire, where average prices fell by 6 per cent to £156,774 and 3.3 per cent to £94,681 respectively.
These results were gathered from a survey of all property types, showing an overall increase across each category. Detached properties showed the biggest increase however, with a rise of 5.4 per cent to £263,300. The smallest rise in house prices were recorded by flatted properties, rising at 3.9 per cent to £109,019 according to data from Registers of Scotland.
The average price for a cash sale was £139,812, which was an increase of 4.3%, while the average price for property purchased with a mortgage was £156,934, an increase of 4.5% compared to the previous year according to data from Register of Scotland’s House Price Index.
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