Average property prices in Scotland up 3.6% year on year, latest index shows

Average property prices in Scotland increased by 3.6% year on year in November 2017 and by 1.1% month on month to £145,992, the latest index shows.

But sales fell, according to the data from the Registers of Scotland, down 2.5% compared with September 2016 and a decrease of 0.5% month on month. Edinburgh saw the biggest number of sales, followed by Glasgow, Fife and both South and North Lanarkshire.

Overall price increases were recorded in three quarters of all local authorities in November 2017 year on year with the biggest in West Dunbartonshire where prices increased by 10.3% to £106,216.

There was also strong annual prices growth in East Lothian with a rise of 8% to an average of £217,106 and in Edinburgh which also saw prices rise by 8% to an average of £246,508.

The biggest decreases were recorded in Aberdeen and Argyll and Bute where prices fell by 4.2% to £163,489 and 3.9% to £127,373 respectively.

Across Scotland, most property types showed an increase in average price in November 2017 when compared with the same month in the previous year. Flat or maisonette properties showed the biggest increase, up 7.2% to £108,881 while the average price of detached properties fell by 3.6% to £235,744.

The average price in November 2017 for a property purchased by a first time buyer was £121,574, an increase of 6.55% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £169,670, an increase of 0.7%.

The average price for a cash sale was £135,641, an increase of 4% on the previous year while the average price for property purchased with a mortgage was £150,733, an increase of 3.5% on the previous year.

Registers of Scotland business development and information director Kenny Crawford pointed out that average prices have been steadily increasing each month since March 2016, when compared with the same month of the previous year.

He also pointed out that sales decreases have been higher in the rest of the UK and the cumulative volume of sales for Scotland for the financial year from April to September 2017 was 54,893, an increase of 9.1% on the equivalent year to date position for September 2016.