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Average Scottish house prices rise at faster rate than UK

Scottish house prices rose at a faster rate than the UK as a whole in the year to December, according to new figures. Official house sales data showed the average Scottish home cost £148,783 in the final month of 2017 – a year-on-year increase of 7.7%.

The average cost of a home in the UK was £226,756 – an increase of 5.2% on the previous December. On a month-to-month basis, prices in Scotland were up by 0.2%, compared with the UK figure of 0.4%. Year-on-year price increases were recorded in 29 out of Scotland’s 32 local authority areas.

Orkney and West Dunbartonshire saw the biggest percentage increases, with average prices rising by 18.2% and 14.8%, respectively. The biggest fall in average price was seen in Aberdeen, where it dropped by 2.2%, to £164,000.

Registers of Scotland said house prices in Scotland had “continued their upward trend”, having shown a year-on-year increase each month since March 2016. In December, the most expensive area to live in was Edinburgh, where the cost of an average house rose year-on-year by 10%, to £248,000.

In contrast, the cheapest area to purchase a property was East Ayrshire, where an average house cost £94,000.

Across Scotland, the average cost of all property types was up on the previous December. Detached properties showed the biggest price increase, rising by 14.8% to £275,000. Flats recorded the smallest rise, with an increase of 4.7%. Meanwhile, first-time buyers paid an average of nearly £117,000 for a property – a year-on-year increase of 4.3%.

By | 2018-02-15T13:16:33+00:00 February 14th, 2018|Buildings, Business, Marketing, Media, News|0 Comments

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