Monthly House Price Index statistics for March 2017 published
The latest publication of the monthly UK House Price Index (UK HPI) shows that the average price of a property in Scotland in March 2017 was £137,139 – an increase of 0.7 per cent on March in the previous year but a decrease of 1.0 per cent when compared to the previous month. This compares to a UK average of £215,848, which was an increase of 4.1 per cent compared to March in the previous year and a decrease of 0.6 per cent when compared to the previous month.
The volume of residential sales in Scotland in January 2017 was 6,239 – an increase of 2.0 per cent on January 2016 but a decrease of 25.4 per cent on the previous month. This compares with annual decreases in sales volumes of 16.6 per cent in England, 2.3 per cent in Wales and 28.5 per cent in Northern Ireland.
Registers of Scotland business development and information director Kenny Crawford said: “Average prices this March showed a modest increase when compared to March 2016 and there have been increases in every month since March 2016 when compared with the same month of the previous year.
“Sales volumes figures for January 2017 showed an increase in Scotland of 2.0% when compared with January 2016. This is also up by 0.8 per cent when compared with January 2015 and up by 34.1 per cent when compared with January 2013, but down by 3.9 per cent when compared with January 2014.”
The top five local authorities in terms of sales volumes were Edinburgh City (764 sales), Glasgow City (700 sales), South Lanarkshire (396 sales), Fife (391 sales) and North Lanarkshire (305 sales).
The biggest price increase when comparing March 2017 with March 2016 was in East Dunbartonshire where the average price increased by 10.7 per cent to £196,332. The biggest decrease was again in Aberdeen City, where prices fell by 6.3 per cent to £163,050.
Across Scotland, all property types except flats showed an increase in average price in March 2017 when compared with the same month in the previous year. Semi-detached properties showed the biggest increase, rising by 2.3 per cent to £144,261, while flats decreased by 0.1 per cent to £98,012.
The average price in March 2017 for a property purchased by a non first time buyer was £164,434 – an increase of 0.6 per cent compared to the same month in the previous year. The average price for property purchased by a first time buyer was £110,789 – an increase of 0.8 per cent on the previous year.
The average price for a cash sale was £126,030 – an increase of 0.1 per cent on the previous year – while the average price for property purchased with a mortgage was £141,899 – an increase of 0.6 per cent on the previous year.