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House prices in Scotland down for the first time since 2016

Posted: 17th April 2019

Monthly UK House Price Index figures released for February 2019.

Three key figures for February:

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

The latest statistics from the UK House Price Index (HPI) show that the average price of a property in Scotland in February 2019 was £145,762 – a decrease of 0.2% on February in the previous year.

This is the first annual decrease in the average price of a property in Scotland since March 2016. Comparing with the previous month, house prices in Scotland fell by 3.1% between January 2019 and February 2019.

The UK average house price was £226,234, which was an increase of 0.6% on February in the previous year and a decrease of 0.8% on the previous month.

The volume of residential sales in Scotland in December 2018 was 7,392 – a decrease of 8.2% on the original provisional estimate for December 2017. This compares with decreases of 2.0% in England and 5.1% in Wales, and an increase of 4.3% in Northern Ireland (Quarter 4 – 2018).

Commenting on the release, Accountable Officer, Janet Egdell said:

The average price of a property in Scotland in February 2019 signalled the first annual decrease since March 2016, falling by 0.2% in the year to February 2019. Prices increased in around two thirds of local authority areas and different property types showed a mixed picture, indicating that the market is highly variable across the country in this time of uncertainty.

Average price increases were recorded in the majority (22) of local authorities, when comparing prices with the previous year.

The biggest price increases were in Midlothian and Perth and Kinross where average prices increased by 9.9 per cent to £185,753 and 8.8 per cent to £192,631 respectively.

The largest decreases were recorded in Aberdeen City and Aberdeenshire, where average prices fell by 7.0 per cent to £149,435 and 5.8 per cent to £180,862 respectively.

Local authority estimates are based on a three month moving average to reduce volatility.

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.

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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