According to the latest UK House Price Index for August 2018, the average price of houses in Scotland was £153,309 - 4.1% higher than in the same month last year. Despite the average UK house price also increasing - up 3.2% in the year to August 2018 - the report highlighted that property prices in Scotland are growing at a slightly faster rate.
Property Types in Scotland
Looking at the average price by property type in the UK, semi-detached houses increased the most until August 2018; up 4.7 per cent. This is also consistent with Scottish data where all property types increased in average price against the same month in 2017. The price of semi-detached houses saw the most significant increase in Scotland of 6% (£161,000), while the price of detached homes in Scotland increased at the slowest rate by 3.2% (£262,000).
Property Sales
In terms of residential sales volumes, the UK House Price Index shows that the number of sales volumes was 10,419 in Scotland in June 2018, 4.3 per cent lower than in June 2017. In England however, the annual sales volume decreased by 24.5%, 20.0% in Wales and by 13.0% in Northern Ireland.
Property price increases were recorded in the majority of Scottish local authorities (28 out of 32 local authorities). The annual price growth in Renfrewshire was at 3.7% while it was 8.9% in the City of Glasgow. The average cost of buying a house in Renfrewshire was £126,072 while it was £136,353 in the City of Glasgow. Sales volumes in Renfrewshire increased by 12.1% and decreased by 10.2% in Glasgow.
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