Scottish house prices at their highest since records began
Scottish houses prices are at their highest level since records began, according to official statistics published by Registers of Scotland (RoS).
The average house price in Scotland in the second quarter was £170,190, up 5.2% on the same period in 2013. This is the highest figure since RoS began compiling quarterly house price statistics in 2003.
From July to September this year, the total volume of sales was also up, with an increase of 9.1% on the same quarter in the previous year. This figure represents the highest volume of sales for any quarter since quarter one of 2008/2009.
‘This is the second consecutive quarter in which the annual increase in average house price has risen by over 5%, bringing the average property price above pre-economic downturn levels, to just over £170,000,’ said Registers of Scotland’s director of commercial services, Kenny Crawford.
‘Combined with the increase in sales volumes, this has brought the total value of sales across Scotland to just under £4.5 billion for the quarter, up 14.8% on the same period last year,’ he added.
Renfrewshire recorded the highest percentage rise in average price compared with the same quarter of the previous year, up 17.2% to £137,072. The City of Edinburgh recorded the highest average at £235,402, a rise of 5.6% compared with the same quarter in the previous year.
The largest percentage fall in price was in the Scottish Borders which showed a drop of 5.7% with an average price of £164,448.
The City of Edinburgh remains the largest market with sales of just under £759 million for the quarter, an increase of 17.9% compared with the same quarter last year.
The data also shows that East Dunbartonshire showed the highest percentage rise with the value of sales increasing by 36.4% compared to the previous year.
All property types showed an increase in average house price in this quarter, the biggest increase being in terraced properties at 5.3%. The largest sales volumes came from detached properties, which went up by 11.2% on the previous year.
These statistics cover all residential sales, including those that did not involve a mortgage.