The latest publication of the monthly UK House Price Index (UK HPI) shows that the average price of a property in Scotland in May 2017 was £143,106 – an increase of 3.5 per cent on May in the previous year and an increase of 0.7 per cent when compared to the previous month.

This compares to a UK average of £220,713, which was an increase of 4.7 per cent compared to May in the previous year and an increase of 0.5 per cent when compared to the previous month.

The volume of residential sales in Scotland in March 2017 was 9,144 – a decrease of 17.0 per cent on March 2016 but an increase of 60.4 per cent on the previous month. This compares with annual decreases in sales volumes of 44.3 per cent in England, 35.5 per cent in Wales and 28.5 per cent in Northern Ireland. Volumes in March 2016 were likely to have been affected by the introduction on 1 April 2016 of the higher rates for additional dwellings under Land and Buildings Transaction Tax in Scotland and Stamp Duty Land Tax in England, Wales and Northern Ireland.

Registers of Scotland business development and information director Kenny Crawford said: “Average prices in May continued their upward trend when compared with May 2016. There have been increases in every month since March 2016 when compared with the same month of the previous year.”

“Sales volumes figures for March 2017 showed a decrease in Scotland of 17.0% when compared with March 2016, however volumes in March 2016 were higher than usual due to changes in Land and Buildings Transaction Tax that came into effect on 1 April 2016. When compared with previous years, sales volumes figures for March 2017 are up by 20.7 per cent when compared with March 2015, up by 31.8 per cent when compared with March 2014, and up by 44.0 per cent when compared with March 2013.”

The top five local authorities in terms of sales volumes were Glasgow City (1,189 sales), the City of Edinburgh (1,009 sales), Fife (633 sales), South Lanarkshire (595 sales) and North Lanarkshire (481 sales).

Price increases were recorded in 27 out of 32 local authorities in May 2017 compared to the previous year. The biggest price increase was in Perth and Kinross where the average price increased by 7.6 per cent to £182,254. The biggest decrease was again in Aberdeen City, where prices fell by 7.8 per cent to £164,277.

Across Scotland, all property types showed an increase in average price in May 2017 when compared with the same month in the previous year. Detached properties showed the biggest increase, rising by 6.0 per cent to £245,888.

The average price in May 2017 for property purchased by a first time buyer was £115,571 – an increase of 2.0 per cent compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £171,579 – an increase of 4.7 per cent on the previous year.

The average price for a cash sale was £134,011 – an increase of 5.2 per cent on the previous year – while the average price for property purchased with a mortgage was £148,034 – an increase of 3.3 per cent on the previous year.

The journey of 1000 miles begins with a single step… well, Diabetes UK isn’t asking you to walk 1000 miles but what about a One Million Step Challenge?

People in Scotland are encouraged to join the One Million Step Challenge for Diabetes UK and help support the millions of people across the UK, including over 285,000 in Scotland, who are living with the condition.

The event takes place between 1 July and 30 September, and invites people to push themselves out of their comfort zone, by taking one million steps over three months and getting sponsored for every stride.
The challenge will require participants to take 10,000 steps every day.

Claire Fleming, Communications Manager at Diabetes Scotland, said: “People can choose whatever way they want to achieve their one million steps – they can walk it, jog it or even dance it! We’re really grateful to everyone who joins #TeamDUK to help raise vital funds to help people living with diabetes.

“Every penny raised will help us to support the millions of people living with diabetes across the UK. In addition, walking 10,000 steps every day can also help boost your fitness.

“You can take on the challenge alone, or better still, get your family, friends and colleagues involved. You can even split the million steps between a team to make it easier.”

If you would like to take part, email events.fundraising@diabetes.org.uk or visit https://www.diabetes.org.uk/million-step

The latest publication of the monthly UK House Price Index (UK HPI) shows that the average price of a property in Scotland in April 2017 was £145,734 – an increase of 6.8 per cent on April in the previous year and an increase of 5.4 per cent when compared to the previous month.

This compares to a UK average of £220,094, which was an increase of 5.6 per cent compared to April in the previous year and an increase of 1.6 per cent when compared to the previous month.

Registers of Scotland corporate director John King said: “This release marks the one-year anniversary of the first publication of the UK HPI. During this time, the HPI has been well received and we have been liaising with users around its ongoing development. Feedback has already resulted in a number of enhancements, details of which are outlined in the anniversary news release, published on behalf of the HPI working group by our partner HM Land Registry.

“Average prices this April showed the highest year-on-year increase since March 2015, when the average price increased by 10.4 per cent compared to the year before, and there have been increases in every month since March 2016 when compared with the same month of the previous year.”

The volume of residential sales in Scotland in February 2017 was 5,662 – an increase of 2.8 per cent on February 2016 but a decrease of 10.2 per cent on the previous month. This compares with annual decreases in sales volumes of 18.2 per cent in England, 8.8 per cent in Wales and 28.5 per cent in Northern Ireland. This is the third consecutive month in which Scotland volumes figures, when compared with the same month of the previous year, have shown an increase while volumes in the rest of the UK have decreased.

Mr King added: “Sales volumes figures for February 2017 showed an increase in Scotland of 2.8% when compared with February 2016. This is also up by 10.7 per cent when compared with February 2015 and up by 32.1 per cent when compared with February 2013, but down by 1.3 per cent when compared with February 2014.”

The top five local authorities in terms of sales volumes were Glasgow City (722 sales), the City of Edinburgh (562 sales), Fife (356 sales), North Lanarkshire (351 sales) and South Lanarkshire (313 sales).

The biggest price increase when comparing April 2017 with April 2016 was in East Dunbartonshire where the average price increased by 11.2 per cent to £202,466. The biggest decrease was again in the City of Aberdeen, where prices fell by 4.3 per cent to £167,630.

Across Scotland, all property types showed an increase in average price in April 2017 when compared with the same month in the previous year. Detached properties showed the biggest increase, rising by 8.0 per cent to £252,492.

The average price in April 2017 for property purchased by a first time buyer was £117,556 – an increase of 5.9 per cent compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £174,848 – an increase of 7.5 per cent on the previous year.

The average price for a cash sale was £138,425 – an increase of 10.6 per cent on the previous year – while the average price for property purchased with a mortgage was £150,688 – an increase of 6.4 per cent on the previous year.

With three weeks to go until the UK General Election, one of the most important issues for Scottish businesses will be the next Government’s approach to taxation. This week, Scottish Chambers of Commerce has called for the new administration’s first Budget to take decisive action to reduce key taxes to ease the burden of business costs and promote investment and growth. Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

“With Scottish businesses facing the prospect of rising inflation and weak consumer demand, the threats to our economic growth, which lags behind that of the UK as a whole, are readily apparent. However, Government has the opportunity to develop policies which will help shape a more fruitful business environment where businesses are freed up to invest for new opportunities, future growth, and new jobs.

“One of the current challenges many businesses are facing is that of rising costs through higher prices and through government legislation on pensions, the National Living Wage and the Apprenticeship Levy. By tackling some of businesses’ fixed costs, this could help to free up valuable resources for business investment and job creation.

“That is why we believe that the UK Government must target reductions in business rates, rather than Corporation Tax, in order to produce the biggest boost to the largest number of businesses. Whilst this is a tax that is devolved to Scotland, clear strategic action on business rates in England would assist the Scottish Government in delivering long overdue restructuring of this tax north of the border.

“At a national level, a temporary reduction in the rate of VAT, last implemented in 2008-09, may also be a useful tool to tackle rising costs, whilst at the same time encouraging a boost in consumer demand, which has been the major driver of growth in the Scottish economy. In addition, the permanent reduction in VAT to 5% for tourism and hospitality activities would bring the UK into line with the vast majority of other European nations and deliver a timely boost in competitiveness to one of our most important and iconic sectors.

“A closer and more productive working relationship between the UK and Scottish Governments could also make possible co-ordinated action between reserved and devolved activities, for example to incentivise and reward in-work training through the National Insurance Contribution system. Scotland may have two Governments but they must work together more effectively to deliver the right results for business.”

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.

A new UK Government will herald new opportunities for it to work more closely and effectively with Scotland’s businesses; and Scottish Chambers of Commerce has called for a renewed role for the Scotland Office in generating new partnerships to help grow Scotland’s economy. Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

“While an unexpected General Election adds further to the compounded uncertainty generated by recent elections and referendums, it also presents an opportunity for the next UK Government to take a fresh look at its strategy, and in particular how it engages with Scotland’s businesses. The UK Government has a key role to play in supporting Scottish firms to grow and to take advantage of the opportunities that the UK’s changing international relationships will bring.

“That is why the UK Government in Scotland must become as open and accessible as the Scottish Government already is. The Scotland Office must transform its perception and its operation in order to become a functional hub for UK Government services in Scotland, fully aligned and in tune with Scottish business needs. As part of this, the new Department for International Trade must formulate a new partnership with Scottish business that will help to encourage more of our businesses to export and which will harness the international connectivity of the UK Government alongside the deep-rooted business to business links that organisations such as Chambers of Commerce can bring to the table.

“Whatever the composition of the new UK Government following next month’s elections, there will be a clear opportunity for it to deliver closer connections with Scotland’s businesses, to reinvent the nature of its activity in Scotland and to play a key role alongside the Scottish Government in working to build on the huge potential for success across Scottish business; in particular, helping our small and medium sized businesses to succeed in exporting.”