House Price Index Reveals Scottish House Price Rise

The latest House Price Index has revealed that the average property price in Scotland in May 2016 was £141,142. This was an increase of 4.0% on the previous year and an increase of 2.8% when compared to the previous month.

In comparison, the UK house price average was £211,230, which was an increase of 8.1% over the year, and an increase of 1.1% when compared to the previous month.

In total, there were 11,017 residential sales in Scotland in March, an increase of 45.4% on the previous year. Registers of Scotland say that changes in Land and Buildings Transaction Tax that came into effect on 1st April 2016 for additional dwellings, such as second homes and buy-to-let properties, are likely to have contributed to this increase. The City of Glasgow showed the biggest volume of sales in March with 1,579 sales.

According to the Index, the biggest price increase over the year was to be found in East Renfrewshire, where the average price increased by 7.0% to £201,282. The biggest decrease was in the City of Aberdeen, where prices fell by 9.2% to £176,394.

The Index also revealed that:

• The average price for a property purchased by a former owner occupier was £167,494, an increase of 4.1% on the previous year.
• The average price for property purchased by a first time buyer was £115,428, an increase of 4.0% on the previous year.
• The average price for a cash sale was £130,169, an increase of 4.0% on the previous year.
• The average price for property purchased with a mortgage was £146,214, an increase of 4.1% on the previous year.

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