Spring Property REVIEW
Happy, happy HPI talks!
Property prices are on their way up in Scotland, say the number crunchers
THE latest publication of the monthly UK House Price Index (UK HPI) shows that the average price of a property in Scotland has increased 7.3 per cent in 12 months to £148,512.
The UK average is £225,621; an increase of 4.9 per cent on the previous year.
Janet Egdell, of Registers of Scotland, said: ‘Average prices in Scotland continued their upward trend in January with an increase of 7.3 per cent when compared to January 2017. Average prices have been steadily increasing each month since March 2016, when compared with the same month of the previous year.’ She added: ‘Residential sales volumes decreased in November. The annual decrease of 1.9 per cent when compared with November 2016 in Scotland is in the context of larger decreases across the rest of the UK. The cumulative volume of sales for Scotland for the financial year to date – from April to November 2017 – was 72,842. This is an increase of 7.9 per cent on the equivalent year to date position for November 2016.’
Across Scotland, all property types showed an increase in average price in January 2018 when compared with the same month in the previous year. Detached properties showed the biggest increase, rising by 8.6 per cent to £261,291. The average price of flats showed an increase of 5.6 per cent to £105,590, the smallest increase of all property types.
Scotland’s house price index (HPI) is produced by Registers of Scotland. Together with partners the Office of National Statistics, HM Land Registry, Land and Property Services Northern Ireland and the Valuation Office Agency they produce the UK HPI. The numbers quoted are from the statistical review of Scottish residential property 2017 published this month