The Team

Latest Average Price Figures show increase of 2.9%
Latest Average Price Figures show increase of 2.9%

The latest Scottish House Price Index Report has been published containing information on the average price of a residential property for November 2018 and volume of sales for September 2018.

The latest average price data shows that the average price of residential property in Scotland for November 2018 increased by 2.9% to £150,638 over the November 2017 figure.  However, the latest figure shows a small decrease of 0.7% against the October 2018 figure.

In terms of volume of sales, September 2018 saw 8,472 sales of residential property registered with the Registers of Scotland. This is a decrease of 9.1% when compared to the September 2017 figure.

Commenting on the downward trend in the volume of residential properties sold, Janet Egdell, Operations Director and Accountable Officer said: “The volume of residential sales in Scotland decreased in September, and has decreased in most months since November 2017, when compared with the same month of the previous year. This downward trend is also reflected in the cumulative volume of sales for Scotland for the financial year to date. From April 2018 to September 2018, the cumulative sales volume was 53,897. This is a decrease of 3.1 per cent on the equivalent year to date position in the previous financial year 2017/18.”

On the local front, average prices in both of the Stirling and Falkirk local authority areas increased. In Stirling, the average price of property increased by 6.3% to stand at £181,699 when compared with November 2017 whilst in Falkirk, the average price increased by 3.7% to stand at £122,546.

You should be aware that there is a substantial backlog in registrations at the Registers of Scotland. That means the figures published each month (until the backlog it cleared) are provisional. There is no indication as to how long it will take to clear the backlog and allow the figures to return to normal.

If you would like to read the full Scottish House Price Index Report, please click here.