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Scottish property prices rise £4.3% year-on-year

The average price of a residential property in Scotland rose by 4.3% in the 12 months to August 2016, fresh figures show.

According to data provided by the Registers of Scotland, the average cost of a home north of the border in August was £144,561, up from £138,564 in the corresponding month last year.

The latest Scottish house price data also shows a 1.3% increase in August compared with the previous month. 

On the mainland on Scotland, the greatest home price hike over the last year was recorded in East Renfrewshire, where the average price rose by 12.7% to £219,511.

Aberdeen saw the biggest decrease, with the average price of a home in the region falling by 8.7% to £175,922.

The Scottish housing market may still be seeing some impact from changes in land and buildings transaction tax that came into effect at the start of April for additional dwellings, such as second homes and buy-to-let properties, according to Kenny Crawford, the director of commercial services at the Registers of Scotland.

“These changes are likely to have contributed to the significant increase in volumes seen in March and to the subsequent lower volumes that have followed in April, May and June,” said Crawford. 

Property sales data reveals that Edinburgh recorded the highest volume of home sales in June with 1,053, followed by Glasgow City at 1,003 units, South Lanarkshire at 568 properties, Fife at 515 homes and North Lanarkshire at 448 dwellings.

Across Scotland, all property types showed a rise in average price when compared with the previous year, with semi-detached properties showing the biggest increase of 5.6% to £151,917.

The average price for a property purchased by a former owner-occupier was £173,859 - an increase of 4.7% on the previous year.

Meanwhile, the average price for property purchased by a first-time buyer was £116,383 - an increase of 3.9% on the previous year.

The average price for a cash sale was £132,784 - up 3.8% on the previous year - while the average price for property purchased with a mortgage was £150,020, an annual rise of 4.6%.

Commenting on the latest Scottish housing market data, Simon Brown, partner and head of residential sales at CKD Galbraith, said: “Scottish property is currently presenting greater value for money than many other parts of the UK.

“Whilst the average price of property in Scotland has remained fairly consistent throughout 2016, property prices in England continue to rise. Scotland offers good value at all levels of the residential market for those selling in England and moving north to take advantage of the lifestyle and deals on offer.

“The uncertainty surrounding the Brexit vote earlier this year has all but disappeared from the market. Therefore, we would urge sellers not to hold off selling over the winter months as the market is proving to be extremely competitive and there are serious buyers out there willing to act fast to secure the right property.”

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