Average property price in Scotland rises by 2.4 per cent

The latest publication of the monthly UK HPI shows that the average price of a property in Scotland in December 2018 was £148,711 – an increase of 2.4 per cent on December in the previous year and a decrease of 0.9 per cent when compared to the previous month. This compares to a UK average of £230,776, which was an increase of 2.5 per cent on December in the previous year and an increase of 0.2 per cent when compared to the previous month.

The volume of residential sales in Scotland in October 2018 was 9,003 – an increase of 1.9 per cent on October 2017 (a like-for-like comparison of the latest provisional estimate for October 2018 with the original provisional estimate for October 2017 as recorded before final figures became available). This compares to increases of 4.7 per cent in England, 2.8 per cent in Wales and 4.3 per cent in Northern Ireland (Quarter 4 – 2018).

Registers of Scotland Operations Director and Accountable Officer Janet Egdell said: “While the average price has increased each month since March 2016, when compared with the same month of the previous year, the trend in sales volume has not been as positive.

“The volume of residential sales in Scotland increased in October, but has decreased in most months since November 2017, when compared with the same month of the previous year.”

The biggest price increases were in Midlothian and Stirling where average prices increased by 15.2 per cent to £190,031 and 8.3 per cent to £187,620 respectively. The largest decreases were recorded in Aberdeen City and East Dunbartonshire, where average prices fell by 6.5 per cent to £152,799 and 1.4 per cent to £209,182 respectively.

The average price in December 2018 for a property purchased by a first time buyer was £121,331 – an increase of 2.7 per cent compared to the same month in the previous year.

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