The latest House Price Index Report has just been published by the Registers of Scotland. This edition contained the average price statistics for February 2019 and volume of sales statistics for December 2018.
There isn’t a lot of joy in the figures this time around. The average price of a residential property in Scotland as at February 2019 stands at £145,762 which is very slightly down on the February 2018 figure, dropping by 0.2%.
There were 7,392 sales of residential properties registered in December 2018 (the latest month for which figures are available). This is a decrease of 8.2% when compared with the December 2017 figure. These figures are currently provisional as there is something of a backlog in the number of cases progressing through the registration process.
From a local perspective, there’s good news on the average price front with the average price of property in the City of Glasgow local authority are in February 2019 increasing by 2.1% to stand at £129,126 when compared to the same month in 2017. In the South Lanarkshire local authority area, the average price of a residential property for February 2019 stood at £127,123, a modest increase of 0.7% when compared to February 2018.
Unfortunately, the volume of sales fell in both the City of Glasgow and South Lanarkshire local authority areas in December 2018. In the City of Glasgow, the number of sales registered in December 2018 stood at 800. The figure for December 2017 was 922. For the South Lanarkshire local authority area, there were 510 registered sales in December 2018 compared with 518 sales in the corresponding month in 2017. Whilst the reductions aren’t massive in numerical terms, they do indicate a continuing trend of decreasing activity in the residential property market.
If you would like to view the complete HPI Scotland report, please click here