3.4% House Price Rises in Scotland
The latest publication of the UK House Price Index (UK HPI) shows that the average price of a property in Scotland in July 2016 was £143,711 – an increase of 3.4 per cent on the previous year and an increase of 1.3 per cent when compared to the previous month. North and South Lanarkshire were among the top 5 areas in Scotland in terms of volume of sales.
Changes in Land and Buildings Transaction Tax that came into effect on 1 April 2016 for additional dwellings, such as second homes and buy-to-let properties, are likely to have contributed to the increase in volumes seen in March and to the subsequent lower volumes seen in April and May.
The top five local authorities in terms of sales volumes were the City of Edinburgh (872 sales), Glasgow City (826 sales), Fife (491 sales), South Lanarkshire (430 sales) and North Lanarkshire (404 sales).
The biggest price increase over the last year was in East Renfrewshire where the average price increased by 10.7 per cent to £216,382. The biggest decrease was in the City of Aberdeen, where prices fell by 6.9 per cent to £178,977.
All property types showed an increase in average price when compared with the previous year, with detached properties showing the biggest increase of 4.4 per cent to £246,985.
The average price for a new build property in July 2016 was £202,588 – an increase of 11.1 per cent on the previous year, while the average price for an existing resold property was £141,280 – an increase of 3.0 per cent on the previous year.
The average price for a property purchased by a former owner occupier was £171,764 – an increase of 3.7 per cent on the previous year. The average price for property purchased by a first time buyer was £116,547 – an increase of 3.0 per cent on the previous year.
The average price for a cash sale was £132,677 – an increase of 3.3 per cent on the previous year, while the average price for property purchased with a mortgage was £148,807 – an increase of 3.4 per cent on the previous year.View all →