Scottish house prices rising at a faster rate than rest of UK



House prices in Scotland increased ahead of the UK average in the year to June, according to new figures.

The average price of a property was £151,891, a rise of 1.3% on the previous June and faster than the UK average of 0.9%, statistics from the House Price Index (HPI) show.

It found house prices increased over the last year in 20 out of Scotland’s 32 local authority areas.

 

The biggest rise was in Stirling, where prices increased by 6.4% in the year to June 2019 to £190,000.

The biggest fall was recorded in South Ayrshire, where the average cost of a property dropped over the year by 5.3% to £131,000.

On a monthly basis, price rose 0.7% across Scotland between May and June.

Kenny Crawford, business development director at Registers of Scotland, said: “Average house prices in Scotland have been growing faster than the UK annual rate since March 2019 and in all but two months since December 2017.

“The likely cause is the continuing fall of house prices in London, which is reflected in the overall UK figure.

“It is worth noting, however, that the average price of a property in London at £466,824 is more than three times that of the average price of a property in Scotland.”

In June 2019, the highest-priced area to purchase a property in Scotland was Edinburgh, where the average price was £263,233.

The lowest-priced area to buy a property was East Ayrshire, where the average price was £94,765.

 

The volume of sales in Scotland also increased compared to the previous year, according to provisional figures, with final figures not yet available.

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The provisional estimate for April 2019 was 7,812 – a 6% increase on the original provisional estimate for April 2018.

In Scotland, all property types showed an increase in average prices in June 2019 when compared with the same month in the previous year.

Terraced houses showed the biggest increase, up 2% in the year to June 2019 to £127,000.

The smallest increase of all property types was for detached houses, with an increase of 0.1% in the year to June 2019 to £254,000.



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