The latest House Price Index for Scotland has just been published by the Registers of Scotland. The report covers the average price of properties for May 2019 and the volume of sales for March 2019. These are the latest dates for which these statistics are available.
These latest figures show that the average price of a residential property in Scotland has increased by 2.8% when compared to May 2018 to now stand at £152,810. We also saw an increase in the average price by 1.2% when compared to the average price in April 2019.
In terms of volume of sales, the number of sales registered in March 2019 was 8,255. This was an increase of 5% against the March 2018 figure.
Some local average price figures
There was something of a mixed bag in and around the Glasgow area when looking at the average price. In the City of Glasgow local authority area, the average price rose 4.7% to stand at £131,564. However, in North Lanarkshire, the average price of a residential property fell very slightly by 0.6% to £106,465. In contrast to that, South Lanarkshire saw a very modest 0.8% rise to show an average price of £124,922. Finally, in East Renfrewshire, the average price was £231,164 – an increase of 2.4% against the figure in May 2018.
Local Volume of Sales figures
As you will see from the following table, there were positive movements in the number of sales registered for the City of Glasgow, North and South Lanarkshire. However, there was what appears to be a significant reduction in the East Renfrewshire sales volume figures.
|Local authority Area||Mar-19||Mar-18||% increase or decrease|
|City of Glasgow||977||957||2.09%|
Further investigation shows that the 5.15% decrease for the East Renfrewshire volume of sales translates into 7 properties fewer being registered in March 2019 when compared to March 2018. Sometimes, we need to be careful of the figures.
The local view
The property market is buoyant at the moment and we are finding that properties are frequently being sold at a closing date and for more than the asking price. Our experience is that the length of time properties remain on the market before being sold is shortening and that’s very good news for sellers. However, nobody knows what Brexit will bring and what impact, if any, it’ll have on the property market. It’s fair to say that any uncertainty can have an impact but, as we’ve seen in recent times, we have a very resilient property market in Scotland. If we do suffer any sort of setback as a result of Brexit, we’re confident that the market will bounce back sooner rather than later!
If you would like to view the full House Price Index Scotland Report please click here.