Official data shows prices in Scotland rose 4.4% in year to October 2018

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The average price of a property in Scotland increased by 4.4% in the 12 months to October 2018 to £151,508, the latest official figures to be published shows.

Sales were also strong, up 9.3% year on year on the 12 months to August 2018, according ti the data published by the Registers of Scotland.

Kenny Crawford, Registers of Scotland business development and information director, pointed out that average prices have been increasing each month since March 2016, when compared with the same month of the previous year.

A breakdown of the figures shows that the biggest price increases were in Glasgow, East Dunbartonshire and North Lanarkshire where average prices increased by 9.3% to £135,238, 8% to £218,795 and 7.8% to £109,102 respectively.

The largest decreases were recorded in Aberdeen and East Ayrshire, where average prices fell by 6% to £156,774 and 3.3% to £94,681 respectively.

The biggest increase in sales was in East Dunbartonshire, North Lanarkshire and Falkirk, where volumes increased by 29.3%, 25.8% and 25.5% respectively. The biggest decreases were in Edinburgh and Perth and Kinross, where volumes fell by 10.2% and 9.8% respectively.

Across Scotland, all property types showed an increase in average price year on year. Detached properties showed the biggest increase, rising by 5.4% to £263,300 while flats recorded the smallest rise at 3.9% to £109,019.

The average price in October 2018 for a property purchased by a first time buyer was £122,346, an increase of 4.1% year on year and the average price for a property purchased by a former owner occupier was £181,812, an increase of 4.8%.

The average price for a cash sale was £139,812, an increase of 4.3% while the average price for property purchased with a mortgage was £156,934, an increase of 4.5% year on year.

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Written by: Houseladder