Your Move/Acadata House Price Index Scotland
Your Move/Acadata
D E C E M B E R 2 0 1 6
House Price Index
Scotland
£172,561
Under embargo until 00:01 on Friday 16th December 2016OCT 2016
Average House Price in Scotland
AVERAGE MONTHLY CHANGE: AVERAGE ANNUAL CHANGE:
1.5%
2.9%
Scotland leads the way
Scotland house price growth outpaces all other regions in October
First time buyers account for more than 50% of the Scottish market
High priced £325k+ home sales rebounding
Value property also stays strong
House prices grew at their strongest rate since March 2015 in October, up 1.5% during the month - an increase of nearly £2,500 on the average property which is now worth £172,561. On an annual basis, prices are now up 2.9%, against 2.1% in September.
Your Move/Acadata estimates, meanwhile, show 26,544 transactions in the third quarter,- a reduction of 3.6% on 2015, but comfortably ahead of the two preceding years. Transactions have recovered strongly since their slump following the large number of purchases brought forward ahead of April's additional 3% Land and Buildings Transaction Tax (LBTT) surcharge on second homes.
Quick Quotes
Christine Campbell, Your Move managing director in Scotland, said: "Scotland is proving to be a resilient market. With the recovery of interest in prime property, we're seeing areas of strong growth across all price points." Alan Penman, business development manager for Walker Fraser Steele, one of Scotland's oldest firms of chartered surveyors and part of the LSL group of companies, said:"Very little seems to be able to dent the Scottish market at the moment. So far
it's come through the uncertainty over Brexit relatively unscathed, and now it looks like it's bouncing back well from the stamp duty changes. It's been a confident display this year."
Key InsightsThe market in Scotland showed surprising strength in October, growing faster than all nine English regions, as well as Wales.
It was helped by a revival in prime property in particular. Edinburgh, for instance, with an average price of
£252,488 in October, had seen sales of
£325,000+ priced properties in the first half of the year - down 17% on 2015. In the third quarter, though, they were up almost 8% on the same period last year, and up more than a third (34%) on Q2.
Overall, sales of properties in excess of
£325,000 were up 35% in the third quarter against the second, while transactions of all properties over the period were up less than half that, rising 16%. The strong interest in prime property is reflected in gains in house prices in the most expensive areas: Edinburgh is up 8.7% on an annual basis, East Renfrewshire up 10.4%, and East Dunbartonshire up 16.5%.
The strength in the Scottish market is broad-based, though. On a monthly basis, West Dunbartonshire (average property price £130,304 in October) easily outpaced its richer neighbour East Dunbartonshire (average price
£245,427), with prices growing 18.6%, against 7.3% respectively. (Annually it still trails, but is up a
respectable 12.1%). Mid-market Orkney (£154,583), meanwhile, is up 11.3% over the month and leads the table for annual growth, with prices up 18% on last year.
Of 32 local authority areas, 24 continue to show growth on an annual basis. Along with those mentioned, Na h-Eileanan Siar (the cheapest area of Scotland with average prices of £109,934) has also performed well, up 10.7% annually, as have the
Shetland Islands (up 12.7%) and East Ayrshire (9.9%).
Average House Prices in Scotland for the period October 2015 - October 2016
MONTH | YEAR | HOUSE PRICE | INDEX | MONTHLY CHANGE % | ANNUAL CHANGE % |
November | 2015 | £168,364 | 220.5 | 0.4 | 1.8 |
October 2015 £167,688 219.6 0.6 0.9
January | 2016 | £168,800 | 221.1 | 0.1 | 0.9 |
December 2015 £168,580 220.8 0.1 1.6
March | 2016 | £170,252 | 223.0 | 1.2 | -9.6 |
February 2016 £168,165 220.2 -0.4 -2.4
May | 2016 | £170,438 | 223.2 | 0.1 | -5.5 |
April 2016 £170,229 222.9 0.0 -8.0
July | 2016 | £168,806 | 221.1 | 0.0 | 2.4 |
June 2016 £168,872 221.2 -0.9 3.2
September | 2016 | £170,074 | 222.7 | 0.3 | 2.1 |
August 2016 £169,538 222.0 0.4 2.2
October 2016 £172,561 226.0 1.5 2.9
Average house prices for Scotland's seven cities from August 2015 - October 2016
Regional update
Average House Prices in Scotland, by local authority area, comparing October 2015 and September 2016 with October 2016.
AVERAGE MONTHLY CHANGE
AVERAGE ANNUAL CHANGE
5.40% 10.70%
Na h-Eileanan Siar
109,934
1.40% 3.40%
Highland
170,089
11.30% 18.00%
Orkney Islands
154,583
3.20% 12.70%
Shetland Islands
144,844
3.10% 2.70%
Moray
154,662
-2.40% -8.90%
Aberdeenshire
207,996
20
-1.70% 5.80%
Stirling
188,687
-1.00% -2.30%
Angus
154,608
19
1.60% -1.20%
Argyll and Bute
153,019
3.80% 3.50%
Dumfries and Galloway
139,289
10
1
5 6 8
2 4 79
14 3
17
16
15
18
11 13
12
-5.50% -1.70%
Perth and Kinross
183,122
4.30% 4.20%
Scottish Borders
182,501
-4.60% -7.30%
Inverclyde
1 125,913
3.20% 4.40%
Renfrewshire
2 133,123
1.80% 10.40%
East Renfrewshire
3 249,422
0.00% 5.40%
Glasgow City
4 146,414
18.60% 12.10%
West Dunbartonshire
5 130,304
7.30% 16.50%
East Dunbartonshire
6 245,427
0.20% 2.40%
North Lanarkshire
7 120,958
1.70% 5.90%
Falkirk
8 133,144
2.60% 3.20%
West Lothian
9 159,167
4.30% 8.40%
Clackmannanshire
10 142,198
2.20% 8.70%
City of Edinburgh
11 252,488
1.60% 7.60%
Midlothian
12 196,993
3.10% 0.00%
East Lothian
13 231,740
-2.00% -2.00%
North Ayrshire
14 114,698
3.60% 6.10%
South Ayrshire
15 158,945
2.80% 9.90%
East Ayrshire
16 123,222
2.60% 5.80%
South Lanarkshire
17 146,681
-0.20% 2.60%
Fife
18 148,853
0.30% 3.80%
Dundee City
19 138,358
3.80% -8.60%
Aberdeen City
20 201,668
For more information please contact:Sophie Placido, Rostrum Agency 020 7440 8678 s.placido@rostrum.agency Melanie Cowell, LSL Property Services 01904 698860 melanie.cowell@lslps.co.uk Richard Sumner, Acadata 020 8392 9082 richard.sumner@acadata.co.uk
For downloads see: https://www.your-move.co.uk/media-centre
For full report and methodology see: http://www.acadata.co.uk/acadataHousePrices.php
LSL Property Services plc published this content on 16 December 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 January 2017 15:43:10 UTC.
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