Scottish house prices up 3.5 per cent

Scottish house prices were up 3.5 per cent in the first quarter of 2015-16 compared to the same period last year, according to new figures from Registers of Scotland (RoS).

The statistics cover all residential sales, including those that did not involve a mortgage.

Between April and June, the average house price in Scotland reached a record high of £167,765, the highest recorded for this quarter since RoS began compiling quarterly statistics in 2003.

Kenny Crawford, commercial services director at RoS , said: “The City of Edinburgh recorded the highest average house price at £237,286, a rise of 4.4 per cent on the previous year. This percentage increase is slightly higher than the Scotland average of 3.5 per cent.

“Across Scotland’s local authority areas the picture is more mixed.

“The highest percentage rise was recorded in West Dunbartonshire, where the average price increased 10.1 per cent to £120,822, while the largest percentage fall in price was in East Renfrewshire, which showed a 7.0 per cent drop to £216,565.”

RoS also recorded the highest volume of sales across Scotland - at 24,685 - for this quarter since 2008, representing an increase in sales volume of 1.6 per cent on the same quarter in the previous year.

Aberdeen recorded the biggest percentage decrease in the number of sales at 18 per cent, while Glasgow showed the largest percentage increase in the number of sales at 17.6 per cent.

This brought the volume of Glasgow sales in excess of those in Edinburgh for the first time since the fourth quarter of 2012-13.

Flats showed the biggest increase in both average price and sales volume; prices rose 4.7 per cent to £133,790, while the number of sales increased by 6.9 per cent.

Meanwhile, detached and terraced properties both saw decreases in average price and volume. Detached prices fell by 0.2 per cent, with volumes down 2.9 per cent, while terraced properties showed a 0.3 per cent fall in price and the largest decrease in volume of sales at 3.7 per cent.