Monthly House Price Index statistics for October 2018 published

Published: 19 December 2018

Average prices in Scotland continued their upward trend in October.

The latest publication of the monthly UK HPI shows that the average price of a property in Scotland in October 2018 was £151,508 – an increase of 4.4 per cent on October in the previous year and a decrease of 0.3 per cent when compared to the previous month. This compares to a UK average of £231,095, which was an increase of 2.7 per cent on October in the previous year and a decrease of 0.2 per cent when compared to the previous month.

The volume of residential sales in Scotland in August 2018 was 10,400 – an increase of 9.3 per cent on August 2017, although the figure of 10,400 sales is provisional and may increase as more transactions are incorporated into the index. To help ensure like for like comparisons over time, annual changes can be estimated by comparing the latest provisional volume figure for August 2018 to the original provisional estimate for August 2017 as recorded before final figures became available. On this basis, the volume of transactions in August 2018 compared with August 2017 equates to an increase of around 12.0 per cent in Scotland, 5.1 per cent in England, 7.3 per cent in Wales and 4.9 per cent in Northern Ireland (Quarter 3 – 2018).

Registers of Scotland Business Development and Information Director Kenny Crawford said: “Average prices in Scotland continued their upward trend in October with an increase of 4.4 per cent when compared to October 2017. Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.

“Residential sales volumes increased in August by 9.3 per cent when compared with August 2017 in Scotland. The cumulative volume of sales for Scotland for the financial year to date – from April 2018 to August 2018 – was 45,281. This is a decrease of 1.6 per cent on the equivalent year to date position in the previous financial year 2017/18.”

Average price increases were recorded in the majority (27) of local authorities in October 2018, when comparing prices with the previous year. The biggest price increases were in Glasgow City, East Dunbartonshire and North Lanarkshire where average prices increased by 9.3 per cent to £135,238, 8.0 per cent to £218,795 and 7.8 per cent to £109,102 respectively. The largest decreases were recorded in Aberdeen City and East Ayrshire, where average prices fell by 6.0 per cent to £156,774 and 3.3 per cent to £94,681 respectively.

Increases in sales volumes were recorded in 26 local authorities in August 2018, when comparing volumes with the previous year. The biggest increases were in East Dunbartonshire, North Lanarkshire and Falkirk, where volumes increased by 29.3 per cent to 243 sales, 25.8 per cent to 571 sales and 25.5 per cent to 315 sales respectively. The biggest decreases were in City of Edinburgh and Perth and Kinross, where volumes fell by 10.2 per cent to 1,098 sales and 9.8 per cent to 285 sales respectively.

Across Scotland, all property types showed an increase in average price in October 2018 when compared with the same month in the previous year. Detached properties showed the biggest increase, rising by 5.4 per cent to £263,300. The average price of flatted properties rose by 3.9 per cent to £109,019, the smallest increase of all property types.

The average price in October 2018 for a property purchased by a first time buyer was £122,346 – an increase of 4.1 per cent compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £181,812 – an increase of 4.8 per cent on the previous year.

The average price for a cash sale was £139,812 – an increase of 4.3 per cent on the previous year – while the average price for property purchased with a mortgage was £156,934 – an increase of 4.5 per cent on the previous year.

Notes to editors

  1. Registers of Scotland is the government department responsible for compiling and maintaining registers relating to property and other legal documents in Scotland. Registers of Scotland records and safeguards the rights of the individual while providing open access to information on the registers.
  2. 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.
  3. The UK HPI was designated as National Statistics by the Office for Statistics Regulation on 18 September 2018.
  4. The UK HPI is published on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. Previously these figures were published on the second or third Tuesday of each month with Northern Ireland figures updated quarterly. See the calendar of release dates. Further information on this change is available in this statement.
  5. We have published the Quality Assurance of Administrative Data (QAAD) documents for each of the data sources used in the UK House Price Index.
  6. A comparison guide is available that compares the source data, index and methods of the different house price index measures that are published in the UK. This guide highlights the strengths and limitations of each measure to aid users in choosing the most appropriate index for their requirements.
  7. The statistics have been produced in accordance with the Code of Practice for 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.
  8. Data for the UK House Price Index is provided by HM Land Registry, Registers of Scotland, Land & Property Services Northern Ireland and the Valuation Office Agency.
  9. 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.
  10. Download the data. Datasets are available as CSV files, or create your own reports using the UK HPI search tool.
  11. Registers of Scotland published our Property Market Report 2007-08 to 2017-18 in June 2018, detailing trends in the land and property market over the reporting period. Our most recent Calendar Year Market Review 2018 was published in March 2018.
  12. For further information, please telephone Jacq Kelly on 0131 528 3738, 07825 388 120, email communications@ros.gov.uk, or write to: Communications, Registers of Scotland, Meadowbank House, 153 London Road, Edinburgh, EH8 7AU.
  13. Registers of Scotland 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.
  14. Sign up to our data stats alert service.

Footnotes

  1. This publication covers statistics up to October 2018.↩
  2. All average prices reported from the UK HPI are geometric means, which will typically be closer to the median than the arithmetic mean.↩
  3. Average price estimates for the most recent months are provisional figures and are likely to change when more recent data are incorporated into the index. Revision policies can be accessed here.↩
  4. Due to there being 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 August because September and October figures may change when more recent sales applications data are received.↩
  5. The volume of sales in August 2017 was 9,518.↩
  6. The estimate for August 2018 is calculated based on around 85% of the final registered transactions at a UK level, although the completeness of volumes data in the latest month varies by UK country, and the Scotland estimate is likely to incorporate a higher percentage of transactions.↩
  7. Cumulative volumes are based on revised HPI Scotland volumes figures (October 2018).↩
  8. Orkney Islands and Na h-Eileanan Siar showed increases of 21.8 per cent and 10.4 per cent respectively. Local authority areas where sales volumes within the 12 months to August 2018 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.↩
  9. The sales volume for August 2018 is still subject to revision, and will increase as later registered transactions are incorporated into the index. The annual change is a comparison with the final revised figure for August 2017.↩
  10. Clackmannanshire and Shetland Islands showed increases of 40.5 per cent and 31.8 per cent respectively, while Na h-Eileanan Siar showed a decrease of 19.4 per cent. Local authority areas where sales volumes within the 12 months to August 2018 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.↩

Media contact

Jacq Kelly
Press and public affairs manager
jacqueline.kelly@ros.gov.uk
07825 388 120