House prices in Scotland continue to grow faster than the UK average
Monthly UK House Price Index figures released for September 2019.
Three key figures for September:
The average price of a property in Scotland
The annual price change of a property in Scotland
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 latest provisional statistics from the UK House Price Index (HPI) show that the average price of a property in Scotland in September 2019 was £155,029 – an increase of 2.4 per cent on September in the previous year.
Comparing with the previous month, house prices in Scotland rose by 0.3 per cent between August 2019 and September 2019.
The UK average house price was £234,370 which was an increase of 1.3 per cent on September in the previous year and a decrease of 0.2 per cent on the previous month.
The volume of residential sales in Scotland in July 2019 was 8,851, an increase of 0.9 per cent on the original provisional estimate July 2018. This compares with an increase of 3.3 per cent in England, 6.4 per cent in Wales and 4.9 per cent in Northern Ireland (Quarter 3 – 2019 compared with quarter in previous year).
Commenting on the release, Accountable Officer Janet Egdell said:
Scotland’s house prices continued to grow faster than the UK annual rate in the year to September 2019. While house prices in England rose by 1.0%, and in London fell by 0.4 % over the period, Scotland saw a rise of 2.4%. The UK average was 1.3%.
The highest-priced area to purchase a property in Scotland was City of Edinburgh, where the average price was £273,028.
The largest increase was in Falkirk, where the average price increased by £9,056 (7.5%) to £129,803.
In Scotland, Flats and maisonettes showed the largest increase, rising by 3.9% in the year to September 2019 to £113,642. Detached houses showed the smallest increase, rising by 0.4% to £261,862.
Average price increases were recorded in the majority (25) of local authorities, when comparing prices with the previous year. The largest increase was in Falkirk, where the average price increased by 7.5 per cent to £129,803. The largest decrease was recorded in City of Aberdeen, where the average price fell by 7.6 per cent to £148,021. Local authority estimates are based on a three-month moving average to reduce volatility.
Annual price changes, UK HPI Scotland: September 2019
In September 2019, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £273,028. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £101,042.
Average prices, UK HPI Scotland: September 2019
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.