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First annual fall in 3 years for Scottish house prices

The latest House Price Index report revealed the average property price in Scotland was £145,762 in February 2019. This was a 3.1 per cent decrease on the previous month and a fall of 0.2 per cent on February of last year (£145,982); the first annual drop in average property price in Scotland since March 2016.

Aberdeen experienced the most considerable fall, with house prices dropping seven per cent from an average of £160,631 to 149,435. Neighbouring Aberdeenshire also suffered a 5.8 per cent decrease in property prices, which was followed by the Scottish Borders (-3.6 per cent or £5,354), South Ayrshire (-3.2 per cent or £4,258), and Angus (-2.9 per cent or £4,214). Renfrewshire also fell 2.1 per cent (from £119,642 to £117,125) for the year to end February 2019.

However, average price increases were recorded in 22 of the 32 local authorities. The research found the highest annual price increases were in Na h-Eileanan Siar, Orkney Islands and Midlothian, where average prices were had risen 12.7 per cent, 10.2 per cent and 9.9 per cent respectively.

The City of Edinburgh experienced a modest annual increase of 3.7 per cent (from £250,962 to £260,205), while Glasgow saw a 2.1 per cent (from £126,515 to £129,126) for the year to end February 2019.

While Scotland’s capital was found to be the most expensive area to buy property - with an average property costing £260,000 - East Ayrshire was the cheapest area to live, with an average property price of £98,000, in February 2019.

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