Average Scottish house price down 2.3%

Average Scottish house price down 2.3%

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The average price of a residential property in Scotland fell by 2.3% during the second quarter of the year compared with the same period in 2015, official figures show. 

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According to the latest data from the Registers of Scotland (RoS), the price of a home north of the border rose between April and June to reach an average of £164,326, thanks in part to a 4.9% annual increase in the number of properties changing hands.

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The figures also show a total of 25,760 property transactions took place in Q2 – the highest number for the April-June period since 2008-09.

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RoS said changes in the Land and Buildings Transaction Tax, which was introduced on 1 April 2016 for additional homes, may have contributed to this increase.

East Renfrewshire recorded the highest average property price at £241,364 in the latest quarter – up 11.7% on last year.

The highest percentage fall was recorded in West Dunbartonshire with an average price of £105,859 – down 12.7% year-on-year.

There were also significant declines in Aberdeenshire (-10.8%), Perth and Kinross (-7.1%), Dumfries and Galloway (-6.7%) and Aberdeen City (-6.1%).

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The total value of property sales across Scotland increased by 2.5% over the year, to just over £4.2bn.

The City of Edinburgh was the largest market, with sales of more than £745.7m in Q2.

South Ayrshire recorded the highest increase in value, with sales of about £92.2m – a rise of 27.8% compared with the corresponding quarter a year earlier.

Aberdeen City showed the largest decrease in market value, falling by 24.4% to £223.8m.

Kenny Crawford, director of commercial at the RoS, commented: “The total value of the residential property market continues to make an important contribution to the Scottish economy.

“We saw a sustained increase in the volume of sales during the previous financial year and this trend is continuing in the first quarter of 2016-17.”

“The latest statistics reflect a robust and active property market,” he added. 

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