The average price of a property in Scotland in October 2017 was £143,544, the latest UK House Price Index (UK HPI) has revealed. This is an increase of 2.8% on October in the previous year but a fall of 0.7% when compared to the previous month.
Looking at the UK as a whole, the average house price reached £223,807 in October, which was an increase of 4.5% compared to October 2016 and a decrease of 0.5% when compared to September this year.
The volume of residential sales in Scotland in August 2017 was 9,282 – an increase of 7.4% on August 2016 and an increase of 5.3% on the previous month. This compares with annual decreases in sales volumes of 12.0% in England, 3.4% in Wales and 8.6% in Northern Ireland (Quarter 3 - 2017).
According to Registers of Scotland, the top five local authorities in terms of August sales volumes were the City of Edinburgh (1,190 sales), Glasgow City (1,109 sales), Fife (632 sales), South Lanarkshire (553 sales) and North Lanarkshire (448 sales).
Across Scotland, all property types showed an increase in average price in October 2017 when compared with the same month in the previous year. Semi-detached properties showed the biggest increase, rising by 4.2% to £151,131. The average price of detached properties showed the smallest increase, 0.9% to £248,482.
The average price in October 2017 for a property purchased by a first time buyer was £116,042 – an increase of 3.4% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £172,056 – an increase of 2.3% on the previous year.
For expert legal advice on buying or selling property in Scotland then contact our specialist property and conveyancing lawyers today.