The latest UK House Price Index (HPI) reveals that the average property in Scotland in February 2019 was £145,762 – a monthly drop of 3.1 per cent and a decrease of 0.2 per cent on the same month in 2018; the first annual decrease in average property prices since March 2016.
Prices by type of house
Semi-detached and terraced houses recorded an increase in average prices in the year to end February 2019, rising by 2.1 per cent and 1.0 per cent respectively. When compared with February 2018’s figures, flats and maisonettes in Scotland fell 1.3 per cent, and detached houses decreased by 1.2 per cent.
According to Zoopla’s most recent data, which looks at average house prices of different property types over the last three months (from January 2019), flats in the Highland area sold for an average of £127,694, while terraced houses priced at £139.074. Flats in Inverness had an average selling price of £128,970 since the beginning of the year, and terraced houses averaged at £147,794. The statistics also revealed flats in Grantown-on-Spey sold for an average of £131,206, and terraced houses went for £155,048.
House prices by area
For the year to end February 2019, there were average price increases recorded in 22 of the 32 local authority areas. The most significant price increases were in Midlothian and Perth and Kinross, where average prices were up by 9.9 per cent and 8.8 per cent respectively. The Highland area saw a modest 2.3 per cent increase on last year’s figures, rising from £157,552 to £161,000 in February 2019.
The average price paid for a property in Grantown-on-Spey between January and March 2019 was £178,002, a value change of £2,416 (1.08 per cent), according to Zoopla’s data. Since the beginning of 2019, the average price paid for a property in Inverness was £187,604; an increase of 0.66 per cent (or £1,240).
Price growth in UK major cities at a seven-year low
More up-to-date figures were released today in Zoopla’s cities house price index, recording a growth of just 1.7 per cent in the 20 cities it tracks in the year to the end of March; the lowest level since May 2012. Looking at three cities in Scotland, the statistics show Aberdeen’s average property price was £164,500 in March 2019, a 0.4 per cent fall year on year. Despite this, the Scottish capital experienced a 2.9 per cent increase year on year to £226,700 in March 2019, while Glasgow’s average property price of £124,000 was a 5.0 per cent increase in the year to the end of March.
The latest index proves that while cities in southern regions are facing weaker price growth (such as Oxford, London and Cambridge), the housing market remains stronger in northern cities.
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