The latest publication of the UK House Price Index (UK HPI) reveals the following interesting information relating to the Scottish property market:
- The average house price of a property in Scotland in June 2016 was £143,282 an increase of 4.6% on the previous year and an increase of 2.7% when compared to the previous month.
- The biggest price increase over the last year was in the City of Edinburgh where the average price increased by 11.7% to £240,978.
- The biggest price decrease was in the City of Aberdeen where prices fell by 6.8% to £178,069
- All types of property showed an increase in average price when compared with the previous year, with detached properties showing the biggest increase of 6.2% to £246,291
- The average price for a new build property in June 2016 was £182,481, an increase of 3% on the previous year
- The average price for a property purchased by a first time buyer was £115,877 an increase of 3.7% on the previous year
The Registers of Scotland’s director of commercial services, Kenny Crawford said “The volume of residential sales in Scotland in April was 6665 , a decrease of 16% on the previous year. This also compares with relatively high volumes of 11,017 in March 2016. The decrease in April 2016 was anticipated following the high volumes in the preceding month.”
Changes in the Land and Buildings Transaction Tax that came in to effect on 1 April 2016 for additional dwelling houses such as second homes and buy to let properties are highly likely to have contributed to the increase in March and decrease of volume in April.