House prices in Scotland grow faster than the UK average
Monthly UK House Price Index figures released for November 2019.
Three key figures for November:
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 provisional statistics from the UK House Price Index (HPI) show that the average price of a property in Scotland in November 2019 was £154,798 – an increase of 3.5 per cent on November 2018.
Comparing with the previous month, house prices in Scotland rose by 0.4 per cent between October 2019 and November 2019.
The UK average house price was £235,298 which was an increase of 2.2 per cent on November 2018 and an increase of 0.4 per cent on the previous month.
The volume of residential sales in Scotland in September 2019 was 8,628, an increase of 1.8 per cent on the original provisional estimate for September 2018. This compares with an increase of 3.3 per cent in England, 1.3 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 grew at a faster rate than the UK in the year to November 2019. While house prices in the UK rose by 2.2% over the period, Scotland saw a rise of 3.5%. However the average house price in Scotland was £154,798 whereas in England the average price stood at £251,222, in London the average was £475,458
Prices vary across Scotland, with the highest-priced area to purchase a property being City of Edinburgh, where the average price was £277,600, and the lowest-priced area being East Ayrshire, where the average price was £95,941.
In Scotland, detached houses showed the largest increase, rising by 4.3% in the year to November 2019 to £266,320. Flats showed the smallest increase, rising by 2.6% to £111,511.
Average price increases were recorded in the majority (29) of local authorities, when comparing prices with the previous year. The largest increase was in Falkirk, where the average price increased by 7.3 per cent to £129,550. The largest decrease was recorded in City of Aberdeen, where the average price fell by 6.4 per cent to £144,928. Local authority estimates are based on a three-month moving average to reduce volatility.
In November 2019, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £277,600. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £95,941.
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.