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Report Gives Update on Scottish Property Market

April 20, 2018 Residential Conveyancing

Average house prices in Scotland reached £144,377 in February this year, which is a rise of 6.2% compared to February 2017 but a fall of 2.7% compared to January 2018.

This compares to a UK average of £225,047, which was an increase of 4.4% on February in the previous year and a decrease of 0.1% when compared to the previous month.

These figures were revealed in the latest UK House Price Index, which also showed that there were 8,052 residential sales in Scotland in December 2017, which is a decrease of 5.1% on December 2016 and a decrease of 6.6% on the previous month. This compares with annual decreases in sales volumes of 21.2% in England and 14.3%in Wales in December 2017, and 8.8% in Northern Ireland Quarter 4 – 2017.

“Average prices in Scotland continued their upward trend in February with an increase of 6.2% when compared to February 2017,” said Registers of Scotland Registration and Transformation Director Charles Keegan. “Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.”

“Residential sales volumes decreased in December,” he added. “The annual decrease of 5.1% when compared with December 2016 in Scotland is in the context of larger decreases across the rest of the UK. The cumulative volume of sales for Scotland for the financial year to date – from April to December 2017 – was 72,997. This is an increase of 8.1% on the equivalent year to date position for December 2016.”

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