Registers of Scotland Publish Quarterly house price stats for July – September 2016
The average price of a residential property in Scotland has shown an increase of 0.6 per cent during the second quarter of financial year 2016/17 compared with the same period in the previous year, with the highest rise of 9.7 per cent1 being reported in East Renfrewshire. The area also showed the highest average price of £246,120. The highest percentage fall was recorded in the City of Aberdeen, which reported a decrease of 7.5 per cent in average price compared to the same quarter the previous year to £200,790.
Statistics published today by Registers of Scotland (RoS) show that the average property price in the quarter July to September was £170,309. However, it is important to note that the quarterly statistics figures are based on a different methodology to the recently published RoS monthly House Price Index (HPI) figures. The quarterly statistics are based on an arithmetic mean2 and on properties within the £20,000 to £1m price bracket. The HPI is based on a geometric mean which is typically closer to the median than the arithmetic mean. The HPI indicated that the average price of a property in Scotland in August was £144,561, which is closer to the median average price of £145,000 for July-September3.
The volume of residential property sales in Scotland in the quarter was 26,9824, – a decrease of 1.1 per cent compared to the previous year.
For full details visit the Registers of Scotland site here