House prices highest on record
Houses prices are at their highest level since records began, according to official statistics published today by Registers of Scotland (RoS).
The average house price in Scotland in the second quarter was £170,190, up 5.2 per cent on the same period in 2013. This is the highest figure since RoS began compiling quarterly house price statistics in 2003.
From July to September this year, the total volume of sales was also up, with an increase of 9.1 per cent on the same quarter in the previous year. This figure represents the highest volume of sales for any quarter since quarter one of 2008-09.
Registers of Scotland's director of commercial services, Kenny Crawford, commented:
"This is the second consecutive quarter in which the annual increase in average house price has risen by over 5 per cent, bringing the average property price above pre-economic downturn levels, to just over £170,000. This, combined with the increase in sales volumes, has brought the total value of sales across Scotland to just under £4.5 billion for the quarter, up 14.8 per cent on the same period last year."
Renfrewshire recorded the highest percentage rise in average price compared with the same quarter of the previous year, up 17.2 per cent to £137,072. The City of Edinburgh recorded the highest average at £235,402, a rise of 5.6% compared with the same quarter in the previous year. The largest percentage fall in price was Scottish Borders which showed a drop of 5.7% with an average price of £164,448.
The City of Edinburgh remains the largest market with sales of just under £759 million for the quarter, an increase of 17.9% compared with the same quarter last year. East Dunbartonshire showed the highest percentage rise with the value of sales increasing by 36.4 per cent compared to the previous year.
All property types showed an increase in average house price in this quarter, the biggest increase being in terraced properties at 5.3 per cent. The largest sales volumes came from detached properties, which went up by 11.2 per cent on the previous year.
These statistics cover all residential sales, including those that did not involve a mortgage.
Communications, Registers of Scotland, Meadowbank House, 153 London Road, Edinburgh, EH8 7AU
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Notes to editors
1. Information available for comparison includes average house price, median price, number of sales and value of sales by local authority area during the quarter (July – September 2014), as well as the previous quarter and the same period in 2013.
2. The statistics have been produced in accordance with the Code of Practice for official statistics. The method of calculating the figures has been independently audited to ensure that the information is accurate and comprehensive.
3. RoS has developed a methodology for delivering statistics based on house type. This covers four house types: detached, semi-detached, terraced, and flatted (encompassing all types of flats, maisonettes, tenements and four-in-a-block properties).
4. Ros began compiling quarterly statistics on the housing market with the completion of the extension of the Land Register to all counties in Scotland in April 2003.
5. Registers of Scotland (RoS) is the government department responsible for compiling and maintaining registers relating to property and other legal documents in Scotland. RoS records and safeguards the rights of the individual while providing open access to information on the registers.
6. These figures cover all residential sales, including sales for cash not involving a mortgage. Approximately 25 per cent of sales fall into this category.
Issued on October 28, 2014