The latest Scottish House Price Index figures have been released by the Registers of Scotland, They show the average price of residential property for July 2017 and the volume of sales of residential property for May 2017.
This release shows that the average price of a property in Scotland in July 2017 has increased by 4.8% over the same month in 2016. The current average price now stands at £149,185. The July 2017 figure also showed an increase of 2.8% when compared with the June 2017 figure.
In terms of year on year figures, this graph shows the comparable figures for July since 2013. As can be seen from this chart, average prices have slowly climbed back to levels last seen in July 2014.
The average price in all but two local authorities increased when compared with June 2016. If we exclude Orkney (which saw growth of 14.2% against the July 2016 figure), growth across all the local authority areas where there was an increase was in single figures with the City of Edinburgh (9.6%), Angus (7.5%), Dumfries & Galloway (7.4%) and Moray (7.2%) heading the list. Aberdeenshire, which has been on a downward spiral for quite some time, showed an increase, albeit modest, of 0.4% against July 2016. However, the City of Aberdeen continues fall with a decrease of 7.7% against the same month in 2016.
The volume of sales of residential property in Scotland in May 2017 stood at 8,241. This was an increase of 13.7% on the May 2016 figure and an increase of 3.5% on the April 2017 figure. The graph opposite shows the volume of sales for the month of May since 2013 and as can be seen, there were more than 8,000 sales for this month and moving back to levels last seen in 2014/15.
This table shows the volume of residential properties sold in May 2017. As you can see from the table, sometimes, you can be in the top 10 but have still fallen off a little in volume as seen with North Lanarkshire local authority area.
The average price by property type
The average price for all types of property across Scotland rose modestly in July 2017 when compared with the same month in 2016. The biggest percentage increase was in the average price of detached properties where it increased by 5.6% to stand at £255,993. This 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 July 2017, rising by 6.3% to £125,060 against the July 2016 figure (£117,634). Renfrewshire also saw an increase (4.7%) in the average price against the same month in 2016 when it stood at £114,767 to now stand at £120,187.
In terms of volume of sales of residential property for the City of Glasgow local authority area, May 2017 saw 899 sales, an increase of 8.3% properties against the 830 sales figure in May 2016. In Renfrewshire, sales of residential property in May 2016 stood at 270 sales whilst in May 2017 the number of sales stood at 343, an increase, in percentage terms, of 27%!
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UK HPI data published by Land Registry © Crown copyright 2017