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Average price now £143,000

House prices rise across Scotland

ESPCThe average price of a property in Scotland is now £143,033 – an increase of 3.3% on the previous year.

This compares to a UK average of £217,928, which was an increase of 6.7% over the year. 

The volume of residential sales in Scotland was 9,352 – an increase of 8.5% on the previous year. This compares with annual decreases in sales volumes of 22% in England, 10.4% in Wales and 10.7% in Northern Ireland.

Registers of Scotland director of commercial services Kenny Crawford said: “Changes in Land and Buildings Transaction Tax are likely to have contributed to the significant increase in March and to the subsequent lower volumes in the following months.”

The top five local authorities in terms of sales volumes were City of Edinburgh (1,126 sales), Glasgow City (1,104 sales), Fife (634 sales), South Lanarkshire (564 sales) and North Lanarkshire (504 sales).

The biggest price increase over the last year was in East Renfrewshire where the average price increased by 16.6% to £225,312. The biggest decrease was again in Aberdeen, where prices fell by 7.8% to £171,530.

Across Scotland, all property types showed an increase in average price when compared with the previous year, with semi-detached properties showing the biggest increase of 4.2% to £149,735.

The average price for property purchased by a first time buyer was £115,946 – an increase of 3.2% on the previous year.

The average price for a cash sale was £131,987 – an increase of 3.3% on the previous year – while the average price for property purchased with a mortgage was £148,137 – also an increase of 3.3% on the previous year.

The average selling price for properties in east central Scotland is now £220,020, an increase of 4.9% between October to December 2016, according to the latest analysis by ESPC.

Three bedroom houses in the Currie, Balerno and Juniper Green area showed a 25% increase in average selling prices, which was the greatest increase across east central Scotland.

This area, in the south west of Edinburgh, demonstrated its popularity throughout 2016, as it had the highest selling price increases from May onwards, with an average of 15.2% across the whole of the 2016.

Properties selling the most in this three month period are two bedroom flats in Leith and Corstorphine. 

Portobello and Joppa showed the highest selling price increase for two bedroom flats, with a 10% rise in average selling prices.  

In the last quarter of 2016 there was a 6.3% decrease in the number of properties being sold and an 8.1% decrease in the number of properties being put up for sale. 

While there may be fewer properties for sale, the demand from buyers is still there, meaning that market is in favour of the seller, as has been the case throughout the year.

The median time to sell in east central Scotland is currently 25 days – 29% faster than the same three month period in 2015. 65% of sales between October and December achieved or exceeded their Home Report valuation in east central Scotland, while in Edinburgh it is 71.7%. 

ESPC’s business analyst Maria Botha Lopez said: “The fourth quarter of 2016 ended on a similar note to the rest of the year, continuing the major trends that we have seen throughout 2016, with a decrease in the number of properties being sold and the number of properties available for sale.”

ESPC prices

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