House prices in Scotland continue to grow faster than the UK average

Published: 14 August 2019

Monthly UK House Price Index figures released for June 2019.

Three key figures for June:

  • £151,891
    The average price of a property in Scotland
  • 1.3%
    The annual price change of a property in Scotland
  • 0.7%
    The monthly price change of a property in Scotland

The latest statistics from the UK House Price Index (HPI) show that the average price of a property in Scotland in June 2019 was £151,891 – an increase of 1.3 per cent on June in the previous year.

Comparing with the previous month, house prices in Scotland rose by 0.7 per cent between May 2019 and June 2019.

The UK average house price was £230,292, which was an increase of 0.9 per cent on June in the previous year and an increase of 0.7 per cent on the previous month.

The volume of residential sales in Scotland in April 2019 was 7,812 – an increase of 6.0 per cent on the original provisional estimate for April 2018. This compares with an increase of 7.9 per cent in England, 5.9 per cent in Wales and a decrease of 1.8 per cent in Northern Ireland (Quarter 2 – 2019).

Commenting on the release, Business Development Director Kenny Crawford said:

Average house prices in Scotland have been growing faster than the UK annual rate since March 2019, and in all but two months since December 2017. The likely cause is the continuing fall of house prices in London, which is reflected in the overall UK figure.

It is worth noting, however, that the average price of a property in London at £466,824 is more than three times that of the average price of a property in Scotland. A detailed, long-term view of the Scottish property market can be found on the Registers of Scotland website. This report is publicly available and includes average price, volume of sales and market value from April 2003.

In Scotland, all property types showed an increase in average prices in June 2019 when compared with the same month in the previous year. Terraced houses showed the biggest increase, rising by 2.0% in the year to June 2019 to £126,953. The smallest increase of all property types was for detached houses, with an increase of 0.1% in the year to June 2019 to £253,901.

Average price increases were recorded in the majority (20) of local authorities, when comparing prices with the previous year.

The largest increase was in Stirling, where the average price increased by 6.4 per cent to £190,076. The largest decrease was recorded in South Ayrshire, where the average price fell by 5.3 per cent to £130,917. Local authority estimates are based on a three month moving average to reduce volatility.

In June 2019, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £263,233. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £94,765.

Further information on HPI Scotland by local authority, property type, first time buyers and cash sales can be found in the latest HPI Scotland publication.

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.

Notes to editors

  1. Registers of Scotland is the public body 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. The UK HPI is published on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. See the calendar of release dates.
  3. 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. The UK HPI was designated as National Statistics by the Office for Statistics Regulation on 18 September 2018.
  4. Registers of Scotland provides data on residential property sales for the Scotland element of the UK House Price Index. 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.
  5. Details of all of our property statistics releases and future publication dates are available on our website. A comparison guide comparing the different house price index measures that are published in the UK is also available.
  6. Information on individual property purchase prices is available for free via our ScotLIS service.
  7. Sign up for our data stats alerts.

Footnotes

  1. All average prices reported from the UK HPI are geometric means, which will typically be closer to the median than the arithmetic mean.
  2. 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 April because May and June 2019 figures are likely to change when more recent sales applications data are received.
  3. Comparison between the latest provisional estimate for April 2019 with the original provisional estimate for April 2018 as recorded before final figures available. The final revised volume of sales in April 2018 was 7,495, which equates to an annual increase of 4.2 per cent in April 2019. However, the sales volume for April 2019 is still subject to revision, and will increase as later registered transactions are incorporated into the index.
  4. Na h-Eileanan Siar and Orkney Islands showed an increase of 12 per cent to £115,770 and 7.7 per cent to £159,573 respectively. Shetland Islands showed a decrease of 23 per cent to £142,909. Local authority areas where sales volumes within the 12 months to April 2019 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

Andy Richardson
PR manager
andy.richardson@ros.gov.uk
T: 0131 2003994 | M: 07795 644218