Average Scottish house prices rise at faster rate than UK

14/02/2018 14:29:38

Scottish house prices rose at a faster rate than the UK as a whole in the year to December, according to new figures.

Official house sales data showed the average Scottish home cost £148,783 in the final month of 2017 - a year-on-year increase of 7.7%.

The average cost of a home in the UK was £226,756 - an increase of 5.2% on the previous December.

On a month-to-month basis, prices in Scotland were up by 0.2%, compared with the UK figure of 0.4%.

Year-on-year price increases were recorded in 29 out of Scotland's 32 local authority areas.

Orkney and West Dunbartonshire saw the biggest percentage increases, with average prices rising by 18.2% and 14.8%, respectively.

The biggest fall in average price was seen in Aberdeen, where it dropped by 2.2%, to £164,000.

Annual price change for Scotland over the past 5 years:

Source: UK House Price Index

Registers of Scotland said house prices in Scotland had "continued their upward trend", having shown a year-on-year increase each month since March 2016.

In December, the most expensive area to live in was Edinburgh, where the cost of an average house rose year-on-year by 10%, to £248,000.

In contrast, the cheapest area to purchase a property was East Ayrshire, where an average house cost £94,000.

Across Scotland, the average cost of all property types was up on the previous December.

Detached properties showed the biggest price increase, rising by 14.8% to £275,000. Flats recorded the smallest rise, with an increase of 4.7%.

Meanwhile, first-time buyers paid an average of nearly £117,000 for a property - a year-on-year increase of 4.3%.

Credit: BBC

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