House prices in Scotland grow at twice the rate of the UK average
Monthly UK House Price Index figures released for October 2019.
Three key figures for October:
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 October 2019 was £153,692 – an increase of 1.4 per cent on October in the previous year.
Comparing with the previous month, house prices in Scotland fell by 0.9 per cent between September 2019 and October 2019.
The UK average house price was £232,944 which was an increase of 0.7 per cent on October in the previous year and a decrease of 0.7 per cent on the previous month.
The volume of residential sales in Scotland in August 2019 was 9,987, a decrease of 4.0 per cent on the original provisional estimate for August 2018. This compares with a decrease of 4.1 per cent in England, 2.5 per cent in Wales and an increase of 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 grew at twice the rate of the UK in the year to October 2019. While house prices in the UK rose by 0.7% over the period, Scotland saw a rise of 1.4%. However the average house price in Scotland was £153,692 whereas in England the average price stood at £248,939, in London the average was £472,232.
Prices vary across Scotland, with the highest-priced area to purchase a property being City of Edinburgh, where the average price was £270,508, and the lowest-priced area being East Ayrshire, where the average price was £98,165.
In Scotland, semi-detached showed the largest increase, rising by 3.5% in the year to October 2019 to £163,884. Detached houses showed the smallest increase, rising by 0.1% to £265,710.
Average price increases were recorded in the majority (26) of local authorities, when comparing prices with the previous year. The largest increase was in Falkirk, where the average price increased by 5.5 per cent to £129,540. The largest decrease was recorded in City of Aberdeen, where the average price fell by 6.6 per cent to £146,225.
Local authority estimates are based on a three-month moving average to reduce volatility.
Annual price changes October 2019
In October 2019, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £270,508. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £98,165.
Average prices October 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.