The latest publication of the monthly UK House Price Index (UK HPI) shows that the average price of a property in Scotland in August 2017 was £146,354 – an increase of 3.9 per cent on August in the previous year and a decrease of 0.7 per cent when compared to the previous month.
The city of Glasgow reported an average property price of £125,634 in August 2017, compared to £118,911 in August 2016 which makes it an increase of 5.7 per cent. The volume of residential sales in Scotland in June 2017 was 10,473 – an increase of 19.3 per cent on June 2016 and an increase of 26.2 per cent on the previous month.
Registers of Scotland registration and transformation director Charles Keegan said: “Residential sales volumes have taken a boost in June, with volumes hitting a five figure total for the first time since March 2016. The volume in June 2017 was 10,473, while the volume of sales recorded in March 2016 was 11,017. However, the 2016 figure is likely to have been enhanced by house buyers seeking to finalise purchases prior to the introduction of changes to the Land and Buildings Transaction Tax that came into effect on 1 April 2016.
Sales volumes in Scotland also continued to perform well in comparison to the other countries of the UK. “Average prices in Scotland also continued their upward trend in August with an increase of 3.9 per cent when compared to August 2016. Average prices have been steadily increasing each month since March 2016, when compared with the same month of the previous year.”