House prices down on quarter but up on year, Registers report
The average Scottish house price rose 3.5% in the first quarter of 2015-16 compared to the same period in 2104-15, but fell by the same percentage compared with the previous quarter, according to the latest quarterly report published today by Registers of Scotland.
At £167,765, the average figure for April-June 2015 was the highest for this quarter since RoS began compiling quarterly statistics in 2003. It compares with the £162,157 recorded for the first quarter in 2014-15, and the record high of £173,809 for January-March 2015, when more transactions for higher value houses were completed ahead of the introduction of land and buildings transaction tax, which increased the tax payable on more expensive properties as compared with stamp duty.
The biggest year-on-year price growth was in West Dunbartonshire (up 10.1%), followed by Aberdeen City (8.6%) and Fife (8.5%). Ten of Scotland's local authority areas showed an average price fall, led by East Renfrewshire (down 7.0%), Eilean Siar (Western Isles) (5.6%) and East Dunbartonshire (3.9%). Glasgow prices rose by 7.1% on average, Edinburgh's by 4.4% and Dundee's by 0.7%.
The total volume of sales across Scotland was 24,685, an increase of 1.6% on the first quarter of 2014-15, and the highest for this quarter since 2008. Glasgow City showed the largest percentage rise in the number of sales, at 17.6%, taking it above the City of Edinburgh in terms of volume for the first time since quarter four of 2012-13. The biggest percentage decrease in sales (18%) was seen in Aberdeen.
Flats showed the biggest increase in both average price and sales volume, as other house types all recorded small falls.
Registers' commercial services director, Kenny Crawford, described the picture across the country as "mixed".