The latest UK House Price Index from Registers of Scotland reveals the average price for Scotland in August was £144,561, an increase of 4.3 per cent on 2015 and 1.3 per cent higher compared to the previous month, writes Beverley Brown.
This is well below the UK average of £218,964. The downturn in the oil industry continues to impact on the City of Aberdeen market, which in the five months since the House Price Index was first published in June 2016, has shown the biggest annual percentage decrease in average price of all of Scotland’s local authority areas. The average price in the City of Aberdeen in August was £175,922, compared to £192,744 in August last year.
Across Scotland, all property types showed a rise in average price when compared with the previous year, however, semi-detached properties took the lead with the biggest increase – up 5.6 per cent to £151,917. The average price for a property purchased by a former owner-occupier was £173,859, up 4.7 per cent on last year, while the average price for property purchased by a first-time buyer was £116,383, an increase of 3.9 per cent on the previous year.
The Legatum Institute’s 2016 UK Prosperity Index, which assesses prosperity across 389 local authorities in the UK based on a combination of wealth and wellbeing sub-indices, will be good news for East Dunbartonshire residents as the only local authority in Scotland to make it into the top 10 of most prosperous areas.
Coming in the wake of a £2.42 million house sale recently concluded by Rettie’s Bearsden office, East Dunbartonshire – which includes the affluent commuter satellites Bearsden, Milngavie, Bishopbriggs and Lenzie – was ranked in ninth place. Since the Index was published, Rettie’s Bearsden team has concluded a further two million-plus house sales (£1.06m and £1.5m). East Renfrewshire was in 16th position, followed by Shetland a long way down the list at number 84, and at number 115. Full details are available at www.uk.prosperity.com.