Figures show an increase of 4.0 per cent on the previous year.
The latest publication of the monthly UK House Price Index (UK HPI) shows that the average price of a property in Scotland in January 2017 was £142,233 – an increase of 4.0 per cent on January in the previous year and an increase of 2.1 per cent when compared to the previous month. This compares to a UK average of £218,255, which was an increase of 6.2 per cent compared to January in the previous year and an increase of 0.8 per cent when compared to the previous month.
The volume of residential sales in Scotland in November 2016 was 8,594 – a decrease of 3.2 per cent on November 2015 and an increase of 3.2 per cent on last month. This compares with annual decreases in sales volumes of 21.2 per cent in England, 12.2 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. January 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 November 2016 showed a decrease in Scotland of 3.2% when compared with November 2015. This is up by 0.2 per cent when compared with November 2014, down by 3.6 per cent when compared with November 2013 and up by 23.0 per cent when compared with November 2012.”
The top five local authorities in terms of sales volumes were City of Edinburgh (1,057 sales), Glasgow City (926 sales), Fife (579 sales), South Lanarkshire (535 sales) and North Lanarkshire (476 sales).
The biggest price increase when comparing January 2017 with January 2016 was again in East Renfrewshire where the average price increased by 10.8 per cent to £213,353. The biggest decrease was again in the City of Aberdeen, where prices fell by 10.2 per cent to £163,176.
Kenny Crawford added: “Average prices in the City of Aberdeen have been showing year-on-year decreases for each month since June 2015. In relation to volumes, both the City of Aberdeen and Aberdeenshire had the biggest decrease in volumes – of 2.4 per cent – when comparing November 2016 with November 2015.”
Across Scotland, all property types showed an increase in average price in January 2017 when compared with the same month in the previous year, with detached properties showing the biggest increase of 4.6 per cent to £248,647.
The average price in January 2017 for a property purchased by a former owner occupier was £170,921 – an increase of 4.3 per cent compared to the same month in the previous year. The average price for property purchased by a first time buyer was £114,617 – an increase of 3.6 per cent on the previous year.
The average price for a cash sale was £131,289 – an increase of 3.8 per cent on the previous year – while the average price for property purchased with a mortgage was £147,289 – an increase of 4.1 per cent on the previous year.
Notes to editors
- For the full picture and detail access the UK HPI and the HPI Scotland.
- 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.
- 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.
- Separate HPI releases are also published by 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.
- Download the data. Datasets are available as CSV files, or create your own reports using the UK HPI search tool.
- 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).
- 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. Charts are also available on our website to allow comparison between the two statistical outputs and to explain the key differences.
- 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.
- This publication covers statistics up to January 2017.↵
- 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.↵
- 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 November because December and January figures may change when more recent sales applications data is received.↵
- Local authority areas where sales volumes within the year to November 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. ↵