Scotland business

Scottish average house prices rise by 4.6%

For sale and sold signs Image copyright PA
Image caption House prices have risen to £143,282

Average house prices in Scotland have risen to £143,282 in the year to June, an increase of 4.6%.

The latest figures from the UK house price index (UK HPI) showed prices jumped by 2.7% from May.

Edinburgh had the largest increase over the last year, where the average price increased by 11.7% to £240,978.

This compares with a UK average of £213,927, which rose by 8.7% year-on-year and is up by 1% from May.

The biggest house price decrease in Scotland was seen in Aberdeen, where prices fell by 6.8% to £178,069.

Despite average prices increasing across Scotland, the volume of residential sales slumped by 16%. The April sales figure was 6,665, significantly lower than the March sales figure of 11,017.

Sale volume figures for May and June have not been included in the latest report due to the time taken between completion and registration of sales.

The contrast between March and April has been attributed to changes in land and buildings transaction tax which came into effect on 1 April, under which those purchasing buy-to-let properties must pay additional tax.

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