House prices in Scotland growing twice as fast as UK average
The average price of a property in Scotland in July 2019 was £153,968 – an increase of 1.4 per cent on July in the previous year – the latest provisional statistics from the UK House Price Index (HPI) show.
Comparing with the previous month, house prices in Scotland rose by 0.7 per cent between June 2019 and July 2019.
The UK average house price was £232,710, which was an increase of 0.7 per cent on July in the previous year and an increase of 0.5 per cent on the previous month.
The volume of residential sales in Scotland in May 2019 was 9,540 – an increase of 19 per cent on the original provisional estimate for May 2018. This compares with an increase of 2.6 per cent in England, 3.7 per cent in Wales and a decrease of 1.8 per cent in Northern Ireland (Quarter 2 – 2019).
In Scotland, detached houses showed the largest increase, rising by 3.2 per cent in the year to July 2019 to £266,304. Flats and maisonettes showed the largest decrease, falling by 0.4 per cent in the year to July 2019 to £110,607.
Average price increases were recorded in the majority (25) of local authorities, when comparing prices with the previous year. The largest increase was in East Dunbartonshire, where the average price increased by 6.4 per cent to £223,331. The largest decrease was recorded in City of Aberdeen, where the average price fell by 6.3 per cent to £148,151.
Local authority estimates are based on a three-month moving average to reduce volatility.
In July 2019, the highest-priced area to purchase a property was Edinburgh, where the average price was £263,894. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £96,482.
Registers of Scotland’s development director Kenny Crawford said: “The UK HPI shows that house prices in Scotland grew twice as fast as the UK average in July 2019, and have been growing faster than the UK annual rate in all but three months since December 2017.
“On average, Edinburgh is still the most expensive place in Scotland to buy a home - house prices have risen almost £8,000 in the city over the past year, but areas such as East Dunbartonshire and Stirling have shown large increases too. By contrast, between July 2018 and July 2019, the average price of residential property in the city of Aberdeen fell by around £10,000.
“Registers of Scotland’s data helps to produce what is widely regarded as the most accurate and detailed insight into UK residential property prices. You can use the free ScotLIS service to check house prices in your area.”