Scottish Property Values Surge in January

Scottish property values surged by 2.1 per cent month on month in January when compared to December 2016.

The latest UK House Price Index (UK HPI) figures showed that Scotland have fallen behind the UK average for annual growth in property values, at 4 per cent compared to 6.2 per cent in the rest of the UK.

However, when looking at the month to month figures, the 2.1 per cent rise in Scottish property values dwarves the 0.8 per cent seen over the UK as a whole.

Again there were winners and losers when it came to annual property values by area.

The largest year-on-year increase was seen once again in East Renfrewshire with average prices surging by 10.8 per cent to £213,353.

On the opposite side of the coin, Aberdeen saw an annual decrease of 10.2 per cent to average property values.

The volume of residential property sales was up by 3.2 per cent over December figures, though down by the same amount when compared to November. The UK as a whole however, has shown a notable decrease in annual sales volume.

Top local authorities for sales volume were: City of Edinburgh (1,057 sales), Glasgow City (926 sales), Fife (579 sales), South Lanarkshire (535 sales) and North Lanarkshire (476 sales).

Kenny Crawford, Registers of Scotland director of commercial services, commented: ‘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% when compared with November 2014, down by 3.6% when compared with November 2013 and up by 23% when compared with November 2012.’

All property types across Scotland 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% to £248,647.

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