Residential Property: increase of 2.9% in average house price

The latest Scottish House Price Index figures have been released by the Registers of Scotland, They show the average price of residential property for June 2017 and the volume of sales of residential property for April 2017.

Average Price

This release shows that the average price of a property in Scotland in June 2017 has increased by 2.9% over the same month in 2016. The current average price now stands at £144,253. The June 2017 figure showed a very modest increase of 0.1% when compared with the May 2017 figure.

In terms of year on year figures, the graph below shows the comparable figures for June since 2013. Readers will also notice that the average price of property in June peaked in June 2014 and since then it has not yet recovered to that level:

The average price in all but three local authorities increased when compared with June 2016. If we exclude Orkney (which saw growth of 27.9% against the June 2016 figure), growth across all the local authority areas where there was an increase was in single figures with the City of Glasgow (8.5%), the City of Edinburgh (8.4%) and the Scottish Borders (8.3%) heading the list. Aberdeenshire, which has been on a downward spiral for quite some time, showed an increase, albeit modest, of 0.6% against June 2016. However, the City of Aberdeen continues to show reductions with a decrease of 10% against the same month in 2016.

Sales Volumes

The volume of sales of residential property in Scotland in April 2017 stood at 7,908. Whilst this was an increase of 16% on the April 2016 figure, it was a reduction of 14.2% on the March 2017 figure. The graph opposite shows the volume of sales for the month of April since 2013 and as can be seen, the sales volumes are only now getting back to the levels seen in April 2015.

The average price by property type

The average price for all types of property across Scotland rose marginally in June2017 when compared with the same month in 2016. The biggest percentage increase was in the average price of flatted properties where it increased by 4.3% to stand at £104,289. The following table contains the details of the changes across the various property types.

The view from Glasgow and Renfrewshire

The City of Glasgow local authority area saw an increase in the average price of property in June 2017, rising by 8.5% to £123,609 against the June 2016 figure (£113,984). Renfrewshire also saw an increase  (3.9%) in the average price against the same month in 2016 when it stood at £112,781 to now stand at £117232.

In terms of volume of sales of residential property for the City of Glasgow local authority area, April 2017 saw 868 sales, a good increase of 18.4% properties against the 733 sales figure in April 2016. In Renfrewshire, sales of residential property in April 2016 stood at 249 sales whilst in April 2017 the number of sales stood at 281, an increase of 32 and, in percentage terms, 12.9%.

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UK HPI data published by Land Registry © Crown copyright 2017

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