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House prices in Scotland grow faster than the UK average

Posted: 17th July 2019

Monthly UK House Price Index figures released for May 2019.

Three key figures for May:

  • £152,801
    The average price of a property in Scotland
  • 2.8%
    The annual price change of a property in Scotland
  • 1.2%
    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 May 2019 was £152,801 – an increase of 2.8 per cent on May in the previous year.

Comparing with the previous month, house prices in Scotland rose by 1.2 per cent between April 2019 and May 2019.

The UK average house price was £229,431, which was an increase of 1.2 per cent on May in the previous year and an increase of 0.1 per cent on the previous month.

The volume of residential sales in Scotland in March 2019 was 8,255 – an increase of 5.0 per cent on the original provisional estimate for March 2018. This compares with increase of 0.7 per cent in England and a decrease of 1.2 per cent in Wales and 6.0 per cent in Northern Ireland (Quarter 1 – 2019). From April 2018 to March 2019, the cumulative sales volume in Scotland was 101,009, the same as in the previous financial year (2017-18). The 2018-19 figures are provisional and likely to change.

Commenting on the release, Accountable Officer Janet Egdell said:

Average prices in Scotland continued their upward trend in May, having increased each month since May 2016, when compared with the same month of the previous year. House prices in Scotland were growing faster than the UK annual rate in the year to May 2019. House sales in 2018-19, based on provisional data, were at a similar level to the previous financial year. A long-term view of the Scottish property market can also be found in our recently published Property Market Report.

Average price increases were recorded in the majority (23) of local authorities, when comparing prices with the previous year. The biggest price increases were in North Ayrshire and Stirling where average prices increased by 8.2 per cent to £110,995 and 7.2 per cent to £189,709 respectively.

The largest decreases were recorded in Aberdeen City and South Ayrshire, where average prices fell by 4.4 per cent to £152,686 and 4.1 per cent to £129,413 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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