Registers of Scotland: Average house prices in Scotland continued to rise in October

Kenny Crawford

The latest publication of the monthly UK House Price Index shows that the average price of a property in Scotland in October 2018 was £151,508 – an increase of 4.4 per cent on October in the previous year and a decrease of 0.3 per cent when compared to the previous month.

This compares to a UK average of £231,095, which was an increase of 2.7 per cent on October in the previous year and a decrease of 0.2 per cent when compared to the previous month.

The volume of residential sales in Scotland in August 2018 was 10,400 – an increase of 9.3 per cent on August 2017, although the figure of 10,400 sales is provisional and may increase as more transactions are incorporated into the index.

To help ensure like for like comparisons over time, annual changes can be estimated by comparing the latest provisional volume figure for August 2018 to the original provisional estimate for August 2017 as recorded before final figures became available.

On this basis, the volume of transactions in August 2018 compared with August 2017 equates to an increase of around 12.0 per cent in Scotland, 5.1 per cent in England, 7.3 per cent in Wales and 4.9 per cent in Northern Ireland (Quarter 3 – 2018).

Registers of Scotland business development and information director Kenny Crawford said: “Average prices in Scotland continued their upward trend in October with an increase of 4.4 per cent when compared to October 2017. Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.

“Residential sales volumes increased in August by 9.3 per cent when compared with August 2017 in Scotland. The cumulative volume of sales for Scotland for the financial year to date – from April 2018 to August 2018 – was 45,281. This is a decrease of 1.6 per cent on the equivalent year to date position in the previous financial year 2017/18.”