x
By using this website, you agree to our use of cookies to enhance your experience.
STAY CONNECTED!
    
newsletter-button

TODAY'S OTHER NEWS

Average Scottish house price down 2.3%

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. 

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.

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.

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%).

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. 

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up