House prices in Scotland rise 5%

House prices in Scotland rise 5%

15 Aug House prices in Scotland rise 5%

The latest UK House Price Index reports house prices in Scotland have risen 5% in June compared with same period in 2017, and up by 0.8% on May. The biggest price rises were in Edinburgh, Midlothian and West Lothian where the cost of an average property will cost around £255, 361.

Looking at the whole of Scotland where the price of property is continuing to rise, buyers are now having to fork out an average of £150, 472.

The largest drop in house prices were seen in Aberdeen and Aberdeenshire where they dropped by 2.8% (to £159, 507) and 3.7% (to £189,200) respectively.

House prices across the UK saw an increase in property prices of 3% meaning buyers paid on average £228,384.

Registers of Scotland ‘Kenny Crawford’ said, “Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.

However, residential sales volumes decreased in April, the start of the new financial year by 9.4%. The annual decrease of 9.4% when compared with April 2017 in Scotland is in the context of larger decreases across the rest of the UK.”

Looking at the volumes of sales, 4 out of 32 of Scotland’s local authorities saw an increase, with East Lothian and Perth & Kinross seeing the biggest increase. Meanwhile, the biggest drop in the volume of sales recorded was in Argyle and Bute, Stirling and Inverclyde according to the House Price index Report.

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