Monthly House Price Index for February 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 February 2017 was £138,821 – an increase of 3.1 per cent on February in the previous year but a decrease of 0.6 per cent when compared to the previous month. This compares to a UK average of £217,502, which was an increase of 5.8 per cent compared to February in the previous year and an increase of 0.6 per cent when compared to the previous month.

The volume of residential sales in Scotland in December 2016 was 8,361 – an increase of 6.5 per cent on December 2015 but a decrease of 2.7 per cent on last month. This compares with annual decreases in sales volumes of 19.0 per cent in England, 6.9 per cent in Wales and 17.6 per cent in Northern Ireland.

Registers of Scotland director of commercial services Kenny Crawford said: “Average prices continue to hold steady. February 2017 has continued the general upward trend seen in 2016, when every month – with the exception of March – showed an increase in average price when compared with the same month of the previous year.

“Sales volumes figures for December 2016 showed an increase in Scotland of 6.5% when compared with December 2015. This is up by 30.8 per cent when compared with December 2014, up by 17.2 per cent when compared with December 2013 and up by 44.3 per cent when compared with December 2012.”

The top five local authorities in terms of sales volumes were City of Edinburgh (1,002 sales), Glasgow City (977 sales), Fife (570 sales), South Lanarkshire (479 sales) and North Lanarkshire (454 sales).

The biggest price increase when comparing February 2017 with February 2016 was in East Dunbartonshire where the average price increased by 9.4 per cent to £195,967. The biggest decrease was again in the City of Aberdeen, where prices fell by 9.6 per cent to £161,199

Kenny Crawford added: “Average prices in the City of Aberdeen have been showing year-on-year decreases for each month since June 2015. However in relation to volumes the City of Aberdeen had an increase in volume – of 4.2 per cent – when comparing December 2016 with December 2015.”

Across Scotland, all property types showed an increase in average price in February 2017 when compared with the same month in the previous year, with Flat or Maisonette properties showing the biggest increase of 4.8 per cent to £99,890.

The average price for property purchased by a first time buyer was £111,698 – an increase of 2.7 per cent on the previous year

The average price for a cash sale was £131,575 – an increase of 6.0 per cent on the previous year – while the average price for property purchased with a mortgage was £143,544 – an increase of 2.9 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.
  2. For further information, please telephone Barry Connolly 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.
  3. 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.
  4. 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.
  5. 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.
  6. Download the data. Datasets are available as CSV files, or create your own reports using the UK HPI search tool.
  7. 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).

  8. 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.
  9. 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.
  10. Follow us on Twitter @RegistersOfScot, Facebook and LinkedIn. Sign up for our customer newsletter.
  11. Sign up to our data stats alert service.

Footnotes

  1. This publication covers statistics up to February 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. Access revision policies.
  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 December because January and February figures may change when more recent sales applications data is received.
  4. Shetland Islands, Na h-Eileanan Siar and Orkney Islands showed an increase of 25.9%, 22.4% and 21.6% respectively. Local authority areas where sales volumes within the year to December 2016 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.