Every month, the Registers of Scotland publish the House Price Index (HPI) for Scotland. The HPI contains a wealth of property data with the main feature being the average price of property in Scotland as well as a breakdown by local authority area. As well as average prices, the HPI contains details of the number of residential properties sold in Scotland in the particular month. This means that month on month, we are able to compare the performance of the market, so we thought we’d share this information with you and you too can track market movements should you be thinking about moving house.
”The average price of all property types saw a modest increase in July 2017 when compared with the same month in 2016.
Average Price
The latest HPI Report, was published on the 12th September 2017. The information in this report relates to the average price of property in Scotland in July 2017 (there is always a time lag between the gathering and publication of the data). This showed that the average price of property in Scotland increased by 4.8% when compared to July 2016 to stand at £149,185. The average price also rose by 2.8% against the average price figure for June 2017. Looking across Scotland, we see that all but two local authorities experienced an increase in the average price when compared to July 2016. With the exception of Orkney (which saw growth of 14.2% against the July 2016 figure), growth across all the local authority areas where there was an increase was in single figures – the City of Edinburgh with an increase of 9.6%, Angus with an increase of 7.5% and Dumfries & Galloway with a 7.4% increase head the list. Aberdeenshire, which had been on a downward spiral for quite some time, showed an increase, albeit modest, of 0.4% against July 2016. However, the City of Aberdeen continues to show a decrease with a fall of 7.7% against the same month in 2016.
Sales Volumes
The volume of sales contained in this edition of the HPI provides information from May 2017 (the latest month for which volume statistics are available). In May 2017, the volume of sales of residential property stood at 8,241. This was an increase of 13.7% on the May 2016 figure and also an increase of 3.5% on the April 2017 figure. The sales volumes are only now getting back towards the levels last seen in May 2015. The HPI Report also shows the number of properties sold for individual local authority areas and, in the table below, we include the top 10 local authority areas by sales volume for May 2017. In the case of North Lanarkshire, whilst it features in the top 10 areas by volume, it was down slightly on the same month in 2016.
Price by property type
The HPI report also contains useful information on the average price of various property types, comparing the average price of detached, semi-detached, terraced and flatted properties with the corresponding period in the previous year. The average price of all property types saw a modest increase in July 2017 when compared with the same month in 2016. The House Price Index Report is a very useful tool in helping to track activity in the residential property market. It contains a wealth of detail and information and is produced on a monthly basis. If you want to keep track of the residential property market, you can visit the Registers of Scotland HPI homepage and pick up the latest Report.
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