House prices in Scotland grow faster than the UK average
Monthly UK House Price Index figures released for August 2019.
Three key figures for August:
£154,549 – The average price of a property in Scotland
1.6% – The annual price change of a property in Scotland
0.3% – 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 August 2019 was £154,549 – an increase of 1.6 per cent on August in the previous year.
Comparing with the previous month, house prices in Scotland rose by 0.3 per cent between July 2019 and August 2019.
The UK average house price was £234,853, which was an increase of 1.3 per cent on August in the previous year and an increase of 0.8 per cent on the previous month.
The volume of residential sales in Scotland in June 2019 was 9,020, a decrease of 13.4 per cent on the original provisional estimate for June 2018. This compares with a decrease of 5.8 per cent in England, 4.5 per cent in Wales and 1.8 per cent in Northern Ireland (Quarter 2 – 2019 compared with quarter in previous year).
Commenting on the release, Accountable Officer Janet Egdell said:
- The latest UK HPI data suggests there has been a marked reduction in the number of residential property sales in Scotland in June 2019, contrasting with an overall rise in transactions over the first six months of 2019.
- The volume of residential sales decreased 13.4 per cent on the original provisional estimate for June 2018, whilst from January to June 2019 there was an overall increase of 2.6% compared with the same period in 2018. Residential sales in June 2019 decreased by 5.8 per cent in England, 4.5 per cent in Wales and 1.8 per cent in Northern Ireland compared with June 2018.
- It should be noted that these are provisional figures which are likely to change as more transactions are incorporated into the index.
In Scotland, detached houses showed the largest increase, rising by 2.6% in the year to August 2019 to £267,167. Flats and maisonettes showed the smallest increase, rising by 0.6% to £110,958.
Average price increases were recorded in the majority (26) of local authorities, when comparing prices with the previous year. The largest increase was in East Dunbartonshire, where the average price increased by 4.7 per cent to £223,564. The largest decrease was recorded in City of Aberdeen, where the average price fell by 8.3 per cent to £146,141. Local authority estimates are based on a three month moving average to reduce volatility.
Annual price changes, UK HPI Scotland: August 2019
Annual percentage change in the average residential property price by local authority
In August 2019, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £265,894. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £100,507.
Average prices, UK HPI Scotland: August 2019
Average residential property by local authority
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.