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Average property price in Scotland rises by 4.1%

The average price of a property in Scotland reached £153,309 in August 2018, which is an increase of 4.1 per cent compared to August 2017, and an increase of 0.3 per cent compared to July 2018.

Registers of Scotland’s latest House Price Index shows that the average price increased, yet, the number of residential sales decreased by 4.3 per cent compared to last year. This decline was small, however, compared to decreases throughout the rest of the UK. Sales in England have decreased by 24.5 per cent and 20 per cent in Wales.

Scotland’s increase in housing price was recorded in 28 local authorities, with the most significant increases taking place in West Dunbartonshire, Inverclyde and City of Glasgow. West Dunbartonshire rose by 11.9 per cent to £110,867, Inverclyde increased by 9.8 per cent to £112,550 and City of Glasgow increased by 8.9 per cent to £136,353.

Along with increases, some local authorities housing prices fell, including City in Aberdeen (4 per cent), Aberdeenshire (2.5 per cent), Scottish Borders (2.5 per cent) and East Ayrshire (1.7 per cent).

Compared to last year, all property types showed an increase in average price. Semi-detached houses had the biggest increase in price, rising by six per cent, and detached properties had the smallest increase, growing by 3.2 per cent.

Kenny Crawford, Registers of Scotland business development and information director, said: “Average prices in Scotland continued their upward trend in June with an increase of 4.1 per cent when compared to August 2017. Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.”

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