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UK House Price Index figures for October 2020

Posted: 16th December 2020

Three key figures for October 2020:

  • £163,248 The average price of a property in Scotland
  • 6.0% The annual price change of a property in Scotland
  • 1.4% The monthly price change of a property in Scotland

Estimates for the most recent months are provisional and are likely to be updated as more data is included. The house price index for October 2020 reflects transactions that took place up to the end of October.

Provisional statistics for October

The latest provisional statistics from the UK HPI show that the average price of a property in Scotland in October 2020 was £163,248, an increase of 6.0 per cent on October 2019.

Comparing with the previous month, house prices in Scotland increased by 1.4 per cent between September 2020 and October 2020.

The UK average house price was £245,443 which was an increase of 5.4 per cent on October 2019 and an increase of 0.7 per cent on the previous month.

The volume of residential sales in Scotland in August 2020 was 6,688, a decrease of 33.0 per cent on the original provisional estimate for August 2019. This compares with a decrease of 32.4 per cent in England, 47.7 per cent in Wales, and 22.9 per cent in Northern Ireland (Quarter 3 – 2020 compared with same quarter in the previous year).

Commenting on the house price figures in Scotland, Accountable Officer Janet Egdell said:

“Scottish house prices continue to trend upwards in October, this is the largest annual increase in Scottish house prices since February 2018”

In Scotland, Terraced properties showed the largest increase, rising by 7.1 per cent in the year to October 2020 to £137,374. Flatted properties showed the smallest increase, rising by 4.6 per cent in the year to August 2020 to £115,630.

Average price increases were recorded in the majority (26) of local authorities, when comparing prices with the previous year. The largest increase was in South Ayrshire where the average price increased by 11.0 per cent to £151,757. The largest decrease was recorded in City of Aberdeen, where the average price fell by 5.1 per cent to £139,079.

HPI percentage October

In October 2020, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £280,966. In contrast, the lowest-priced area to purchase a property was Inverclyde, where the average price was £103,391.

HPI average price October

Further information on HPI Scotland by local authority, property type, first time buyers and cash sales can be found in the latest HPI Scotland publication.

As with other indicators in the housing market, which typically fluctuate from month-to-month, it is important not to put too much weight on one month’s set of house price data. This has been particularly important over recent months, as COVID-19 has reduced the volume of transactions within the market, making trends between months more volatile than usual and will continue to be important over the coming months as the ongoing impact of COVID-19 on the housing market and the economy becomes clear.

Business Comment

Business Comment is the Edinburgh Chamber of Commerce’s bi-monthly magazine. It provides insight on Edinburgh’s vibrant business community, with features on the city’s key sectors, interviews with leading figures and news on new business developments in the capital.
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