Spring Prop­erty RE­VIEW

Happy, happy HPI talks!

Argyllshire Advertiser - - PROPERTY FEATURE -

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

Av­er­age prices have been steadily in­creas­ing each month’ – Janet Egdell, Regis­ters of Scot­land.

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