Monthly House Price Index for April 2017 published

The latest publication of the monthly UK House Price Index (UK HPI) shows that the average price of a property in Scotland in April 2017 was £145,734 – an increase of 6.8 per cent on April in the previous year and an increase of 5.4 per cent when compared to the previous month. This compares to a UK average of £220,094, which was an increase of 5.6 per cent compared to April in the previous year and an increase of 1.6 per cent when compared to the previous month.

Registers of Scotland corporate director John King said: “This release marks the one-year anniversary of the first publication of the UK HPI. During this time, the HPI has been well received and we have been liaising with users around its ongoing development. Feedback has already resulted in a number of enhancements, details of which are outlined in the anniversary news release, published on behalf of the HPI working group by our partner HM Land Registry.

“Average prices this April showed the highest year-on-year increase since March 2015, when the average price increased by 10.4 per cent compared to the year before, and there have been increases in every month since March 2016 when compared with the same month of the previous year.”

The volume of residential sales in Scotland in February 2017 was 5,662 – an increase of 2.8 per cent on February 2016 but a decrease of 10.2 per cent on the previous month. This compares with annual decreases in sales volumes of 18.2 per cent in England, 8.8 per cent in Wales and 28.5 per cent in Northern Ireland. This is the third consecutive month in which Scotland volumes figures, when compared with the same month of the previous year, have shown an increase while volumes in the rest of the UK have decreased.

Mr King added: “Sales volumes figures for February 2017 showed an increase in Scotland of 2.8% when compared with February 2016. This is also up by 10.7 per cent when compared with February 2015 and up by 32.1 per cent when compared with February 2013, but down by 1.3 per cent when compared with February 2014.”

The top five local authorities in terms of sales volumes were Glasgow City (722 sales), the City of Edinburgh (562 sales), Fife (356 sales), North Lanarkshire (351 sales) and South Lanarkshire (313 sales).

The biggest price increase when comparing April 2017 with April 2016 was in East Dunbartonshire where the average price increased by 11.2 per cent to £202,466. The biggest decrease was again in the City of Aberdeen, where prices fell by 4.3 per cent to £167,630.

Across Scotland, all property types showed an increase in average price in April 2017 when compared with the same month in the previous year. Detached properties showed the biggest increase, rising by 8.0 per cent to £252,492.

The average price in April 2017 for property purchased by a first time buyer was £117,556 – an increase of 5.9 per cent compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £174,848 – an increase of 7.5 per cent on the previous year.

The average price for a cash sale was £138,425 – an increase of 10.6 per cent on the previous year – while the average price for property purchased with a mortgage was £150,688 – an increase of 6.4 per cent on the previous year.

ENDS

Notes to editors

  1. For the full picture and detail access the UK HPI and the HPI Scotland. As with other indicators in the Housing Market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
  2. Registers of Scotland has also recently published our 10-year property market report, detailing trends in the land and property market over the last ten years.
  3. For further information, please telephone Jacq Kelly on 0131 528 3792 or email communications@ros.gov.uk, or contact us at: Communications, Registers of Scotland, Meadowbank House, 153 London Road, Edinburgh, EH8 7AU.
  4. The statistics have been produced in accordance with the Code of Practice for official statistics. The UK House Price Index is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. Find out about the methodology used.
  5. Data for the UK House Price Index is provided by HM Land Register, Registers of Scotland, Land & Property Services Northern Ireland and the Valuation Office Agency .
  6. Separate HPI releases are also published by HM Land Registry and Land & Property Services Northern Ireland, which focus on the figures for England and Wales and for Northern Ireland. The Office for National Statistics also publishes a monthly HPI statistical bulletin with commentary on the whole of the UK.
  7. Download the data. Datasets are available as CSV files, or create your own reports using the UK HPI search tool.
  8. The new UK HPI has been published initially as an experimental official statistic to allow for users to acclimatise to the format of the new HPI, to evaluate user reaction to the new data, evolve the publication of data further to meet user requirements and to further develop the data sources used in the production. Whilst the methodology for the new UK HPI has been finalised, further work is taking place to secure additional property attributes data (such as from Scottish Assessors) that will supplement and provide additional assurance to the production process going forward.

    It is expected that we will seek to take the necessary steps to remove the experimental status during the course of 2017, once the above points have been implemented and then progress with the assessment of the new UK HPI as a National Statistic.

    Please note that the Northern Ireland Residential Property Price Index, used as a component source in the production of the new UK HPI remains an official statistic (i.e. this is not classified as experimental).

  9. 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. The differences in methodology between our quarterly statistics and the HPI are also highlighted. Charts are also available on our website to allow comparison between the two statistical outputs and to explain the key differences.
  10. 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.
  11. Follow us on Twitter @RegistersOfScot, Facebook and LinkedIn. Sign up for our customer newsletter.
  12. Sign up to our data stats alert service.

Footnotes

  1. This publication covers statistics up to April 2017.
  2. Note that all average prices reported from the UK HPI are geometric means, which will typically be closer to the median than the arithmetic mean. Also note that average price estimates for the most recent months are provisional figures and are likely to change when more recent data is incorporated into the index. Revision policies can be accessed here.
  3. Due to a period of 2 to 8 weeks between completion and registration of sales, volume figures based on the month of date of entry are presented up to February because March and April figures may change when more recent sales applications data is received.
  4. The volume of sales in January 2017 was 6,302 (revised figure), and in February 2016 was 5,507.
  5. Orkney Islands showed an increase of 24.1%. Local authority areas where sales volumes within the year to February 2017 represent less than 1 per cent of the all Scotland sales volume are excluded from the figures used for highlighting purposes due to the volatility of the market in these areas.
  6. Na h-Eileanan Siar showed a decrease of 15.3%. This has not been highlighted for the reason shown in footnote 5 above.