Your Move/Acadata House Price Index Scotland

Your Move/Acadata

D E C E M B E R 2 0 1 6

House Price Index

Scotland

£172,561

Under embargo until 00:01 on Friday 16th December 2016

OCT 2016

Average House Price in Scotland

AVERAGE MONTHLY CHANGE: AVERAGE ANNUAL CHANGE:

1.5%

2.9%

Scotland leads the way

  • Scotland house price growth outpaces all other regions in October

  • First time buyers account for more than 50% of the Scottish market

  • High priced £325k+ home sales rebounding

  • Value property also stays strong

Headline News

House prices grew at their strongest rate since March 2015 in October, up 1.5% during the month - an increase of nearly £2,500 on the average property which is now worth £172,561. On an annual basis, prices are now up 2.9%, against 2.1% in September.

Your Move/Acadata estimates, meanwhile, show 26,544 transactions in the third quarter,- a reduction of 3.6% on 2015, but comfortably ahead of the two preceding years. Transactions have recovered strongly since their slump following the large number of purchases brought forward ahead of April's additional 3% Land and Buildings Transaction Tax (LBTT) surcharge on second homes.

Quick Quotes

Christine Campbell, Your Move managing director in Scotland, said: "Scotland is proving to be a resilient market. With the recovery of interest in prime property, we're seeing areas of strong growth across all price points." Alan Penman, business development manager for Walker Fraser Steele, one of Scotland's oldest firms of chartered surveyors and part of the LSL group of companies, said:

"Very little seems to be able to dent the Scottish market at the moment. So far

it's come through the uncertainty over Brexit relatively unscathed, and now it looks like it's bouncing back well from the stamp duty changes. It's been a confident display this year."

Key Insights

  • The market in Scotland showed surprising strength in October, growing faster than all nine English regions, as well as Wales.

  • It was helped by a revival in prime property in particular. Edinburgh, for instance, with an average price of

    £252,488 in October, had seen sales of

    £325,000+ priced properties in the first half of the year - down 17% on 2015. In the third quarter, though, they were up almost 8% on the same period last year, and up more than a third (34%) on Q2.

  • Overall, sales of properties in excess of

    £325,000 were up 35% in the third quarter against the second, while transactions of all properties over the period were up less than half that, rising 16%. The strong interest in prime property is reflected in gains in house prices in the most expensive areas: Edinburgh is up 8.7% on an annual basis, East Renfrewshire up 10.4%, and East Dunbartonshire up 16.5%.

  • The strength in the Scottish market is broad-based, though. On a monthly basis, West Dunbartonshire (average property price £130,304 in October) easily outpaced its richer neighbour East Dunbartonshire (average price

Key Insights continued…

£245,427), with prices growing 18.6%, against 7.3% respectively. (Annually it still trails, but is up a

respectable 12.1%). Mid-market Orkney (£154,583), meanwhile, is up 11.3% over the month and leads the table for annual growth, with prices up 18% on last year.

  • Of 32 local authority areas, 24 continue to show growth on an annual basis. Along with those mentioned, Na h-Eileanan Siar (the cheapest area of Scotland with average prices of £109,934) has also performed well, up 10.7% annually, as have the

Shetland Islands (up 12.7%) and East Ayrshire (9.9%).

Average House Prices in Scotland for the period October 2015 - October 2016

MONTH

YEAR

HOUSE PRICE

INDEX

MONTHLY CHANGE %

ANNUAL CHANGE %

November

2015

£168,364

220.5

0.4

1.8

October 2015 £167,688 219.6 0.6 0.9

January

2016

£168,800

221.1

0.1

0.9

December 2015 £168,580 220.8 0.1 1.6

March

2016

£170,252

223.0

1.2

-9.6

February 2016 £168,165 220.2 -0.4 -2.4

May

2016

£170,438

223.2

0.1

-5.5

April 2016 £170,229 222.9 0.0 -8.0

July

2016

£168,806

221.1

0.0

2.4

June 2016 £168,872 221.2 -0.9 3.2

September

2016

£170,074

222.7

0.3

2.1

August 2016 £169,538 222.0 0.4 2.2

October 2016 £172,561 226.0 1.5 2.9

Average house prices for Scotland's seven cities from August 2015 - October 2016

Regional update

Average House Prices in Scotland, by local authority area, comparing October 2015 and September 2016 with October 2016.

AVERAGE MONTHLY CHANGE

AVERAGE ANNUAL CHANGE

5.40% 10.70%

Na h-Eileanan Siar

109,934

1.40% 3.40%

Highland

170,089

11.30% 18.00%

Orkney Islands

154,583

3.20% 12.70%

Shetland Islands

144,844

3.10% 2.70%

Moray

154,662

-2.40% -8.90%

Aberdeenshire

207,996

20

-1.70% 5.80%

Stirling

188,687

-1.00% -2.30%

Angus

154,608

19

1.60% -1.20%

Argyll and Bute

153,019

3.80% 3.50%

Dumfries and Galloway

139,289

10

1

5 6 8

2 4 79

14 3

17

16

15

18

11 13

12

-5.50% -1.70%

Perth and Kinross

183,122

4.30% 4.20%

Scottish Borders

182,501

-4.60% -7.30%

Inverclyde

1 125,913

3.20% 4.40%

Renfrewshire

2 133,123

1.80% 10.40%

East Renfrewshire

3 249,422

0.00% 5.40%

Glasgow City

4 146,414

18.60% 12.10%

West Dunbartonshire

5 130,304

7.30% 16.50%

East Dunbartonshire

6 245,427

0.20% 2.40%

North Lanarkshire

7 120,958

1.70% 5.90%

Falkirk

8 133,144

2.60% 3.20%

West Lothian

9 159,167

4.30% 8.40%

Clackmannanshire

10 142,198

2.20% 8.70%

City of Edinburgh

11 252,488

1.60% 7.60%

Midlothian

12 196,993

3.10% 0.00%

East Lothian

13 231,740

-2.00% -2.00%

North Ayrshire

14 114,698

3.60% 6.10%

South Ayrshire

15 158,945

2.80% 9.90%

East Ayrshire

16 123,222

2.60% 5.80%

South Lanarkshire

17 146,681

-0.20% 2.60%

Fife

18 148,853

0.30% 3.80%

Dundee City

19 138,358

3.80% -8.60%

Aberdeen City

20 201,668

For more information please contact:

Sophie Placido, Rostrum Agency 020 7440 8678 s.placido@rostrum.agency Melanie Cowell, LSL Property Services 01904 698860 melanie.cowell@lslps.co.uk Richard Sumner, Acadata 020 8392 9082 richard.sumner@acadata.co.uk

For downloads see: https://www.your-move.co.uk/media-centre

For full report and methodology see: http://www.acadata.co.uk/acadataHousePrices.php

LSL Property Services plc published this content on 16 December 2016 and is solely responsible for the information contained herein.
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