Introducing the single official UK house price index

Published: 14 June 2016

Registers of Scotland (RoS) is pleased to announce the publication of the first single official UK House Price Index (UK HPI). This publication covers statistics up to April 2016 and will continue on a monthly basis hereafter.

The 2010 National Statistician's    Review of Official House Price Statistics recommended the production of a "single definitive house price index produced by the official statistics producer community". Addressing this recommendation, the Office for National Statistics (ONS), Land Registry for England and Wales (Land Registry), RoS,    and Land & Property Services Northern Ireland (LPSNI) have worked together to develop this UK HPI.

RoS' director of commercial services, Kenny Crawford, said: "This publication is the culmination of a new collaborative approach to the delivery of more accurate property figures for the UK by the key producers of official house price statistics in the UK and we are delighted to be offering it as part    of our suite of statistical publications.

"RoS has been producing quarterly house price statistics for Scotland for many years and, following user consultation, will continue to publish these quarterly statistics in parallel with the monthly UK HPI. We also intend to publish tables on our website to allow    comparison between these quarterly statistics and the HPI Scotland as more data becomes available.

"The HPI Scotland shows that the average price of a house in Scotland in April was £138,445. This compares to a UK average of £209,054."

The average price of a residential property in April 2016 Scotland increased by 3.3 per cent when compared with the previous year and by 1.5 per cent when compared with the previous month.

The biggest price change over the last year was in East Renfrewshire where the average price increased by 6.1 per cent to £200,718.

Residential sales volumes in Scotland in February 2016 were 5,507, an increase of 7.7 per cent on the previous year. The City of Edinburgh showed the biggest volume of sales in February with 664 sales.

The average price for a new build property is £188,627, an increase of 6.8 per cent on the previous year, while the average price for an existing resold property is £136,335, an increase of 3.1 per cent on the previous year.

The average price for a property purchased by a former owner occupier is £165,349, an increase of 4.8 per cent on the previous year. The average price for property purchased by a first time buyer is £112,374, an increase of 1.6 per cent on the previous year.

The average price for a cash sale is £127,180, an increase of 2.1 per cent on the previous year, while the average price for property purchased with a mortgage is £143,667, also an increase of 3.8 per cent on the previous year.

ENDS

Communications, Registers of    Scotland, Meadowbank House, 153 London Road, Edinburgh, EH8 7AU

For further information,    please telephone Jacq Kelly on 0131 528 3738 or email communications@ros.gov.uk.

Notes to editors

  1. For the full picture and detail access the UK HPI and the HPI Scotland.
  2. 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.
  3. Data for the UK House Price Index is provided by Land Registry, Registers of Scotland, Land & Property Services Northern Ireland and the Valuation Office Agency.
  4. Download the data as CSV files or access it with our UK HPI tool.
  5. 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 at the end of 2016, once the      above points have been implemented and then progress with the assessment of the new UK HPI as a National Statistic.
  6. 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).
  7. 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 highlighted here.
  8. 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.
  9. Since 1 April 2015, RoS has supported Revenue Scotland in the enforcement and collection of land and buildings transaction tax.

Footnotes

  1. Na h-Eileanan Siar showed an increase of 9.3 per cent over the year. Local authority areas where sales volumes represent less than 1% 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.
  2. 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.