UK House Price Index figures for November 2020
Three key figures for November 2020:
- £163,703 The average price of a property in Scotland
- 8.6% The annual price change of a property in Scotland
- 0.9% The monthly price change of a property in Scotland
Estimates for the most recent months are provisional and are likely to be updated as more data is included. The house price index for November 2020 reflects transactions that took place up to the end of November.
Comparing with the previous month, house prices in Scotland increased by 0.9 per cent between October 2020 and November 2020.
The UK average house price was £249,633 which was an increase of 7.6 per cent on November 2019 and an increase of 1.2 per cent on the previous month.
The volume of residential sales in Scotland in September 2020 was 10,168, an increase of 17.8 per cent on the original provisional estimate for September 2019. This compares with decreases of 13.3 per cent in England, 28.8 per cent in Wales, and 22.9 per cent in Northern Ireland (Quarter 3 – 2020 compared with same quarter in the previous year).
Commenting on the house price figures in Scotland, Accountable Officer Janet Egdell said:
“The volume of transactions in September 2020 was high, catching up on some of the reduction in activity in the market in the previous months.”
In Scotland, Terraced properties showed the largest increase, rising by 10.0 per cent in the year to November 2020 to £139,874. Flatted properties showed the smallest increase, rising by 6.8 per cent in the year to September 2020 to £117,109.
Average price increases were recorded in the majority (31) of local authorities, when comparing prices with the previous year. The largest increase was in East Ayrshire where the average price increased by 15.6 per cent to £110,073. The only decrease was recorded in Aberdeen City, where the average price fell by 3.4 per cent to £140,629.
In November 2020, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £287,239. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £110,073.
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.
As with other indicators in the housing market, which typically fluctuate from month-to-month, it is important not to put too much weight on one month’s set of house price data. This has been particularly important over recent months, as COVID-19 has affected the volume of transactions within the market, making trends between months more volatile than usual and will continue to be important over the coming months as the ongoing impact of COVID-19 on the housing market and the economy becomes clear.