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Monthly House Price Index statistics for September 2018 published

Posted: 14th November 2018

The latest publication of the monthly UK HPI shows that the average price of a property in Scotland in September 2018 was £152,961 – an increase of 5.8 per cent on September in the previous year and a decrease of 0.1 per cent when compared to the previous month. This compares to a UK average of £232,554, which was an increase of 3.5 per cent on September in the previous year and no change (0.0%) when compared to the previous month.

The volume of residential sales in Scotland in July 2018 was 8,770 – a decrease of 1.9 per cent on July 2017. This compares with annual decreases in sales volumes of 17.2 per cent in England and 10.6 per cent in Wales in July 2018, and 12.4 per cent in Northern Ireland in Quarter 3 – 2018.

Registers of Scotland Business Development and Information Director Kenny Crawford said: “Average prices in Scotland continued their upward trend in September with an increase of 5.8 per cent when compared to September 2017. Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.

“Residential sales volumes decreased in July. The annual decrease of 1.9 per cent when compared with July 2017 in Scotland is in the context of much larger decreases across the rest of the UK. The cumulative volume of sales for Scotland for the financial year to date – from April 2018 to July 2018 – was 34,763. This is a decrease of 4.8 per cent on the equivalent year to date position in the previous financial year 2017/18.”

Average price increases were recorded in the majority (27) of local authorities in September 2018, when comparing prices with the previous year. The biggest price increases were in West Dunbartonshire and Glasgow City, where average prices increased by 11.9 per cent to £109,828 and 10.4 per cent to £137,507 respectively. The largest decreases were recorded in Aberdeen City and Scottish Borders, where average prices fell by 4.4 per cent to £161,439 and 2.7 per cent to £151,200 respectively.

Increases in sales volumes were recorded in 17 local authorities in July 2018, when comparing volumes with the previous year. The biggest increases were in South Ayrshire and North Ayrshire, where volumes increased by 39.0 per cent to 260 sales and 26.6 per cent to 224 sales respectively. The biggest decreases were in Stirling and City of Edinburgh, where volumes fell by 22.9 per cent to 131 sales and 21.2 per cent to 935 sales respectively.

Across Scotland, all property types showed an increase in average price in September 2018 when compared with the same month in the previous year. Semi-detached properties showed the biggest increase, rising by 7.1 per cent to £159,933. The average price of flatted properties rose by 4.2 per cent to £109,209, the smallest increase of all property types.

The average price in September 2018 for a property purchased by a first time buyer was £123,547 – an increase of 5.5 per cent compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £183,512 – an increase of 6.2 per cent on the previous year.

The average price for a cash sale was £140,476 – an increase of 5.2 per cent on the previous year – while the average price for property purchased with a mortgage was £158,785 – an increase of 6.1 per cent on the previous year.

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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