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Scotland’s house prices growing faster than the rest of the UK

Friday 24 May 2019

March 2019’s monthly UK house price index shows the average price for a property in Scotland is now £149,461 which is a welcoming 3.3% increase compared to the figures of March 2018.

Comparing the statistics to February these figures also show house prices have risen by 1.9%.

According to the statistics, the rest of the UK has an average house price of £226,798 which is only a 1.4% annual increase and is down 0.2% on the previous month.

The best performing areas were Midlothian and Perth and Kinross showing annual increases of 12.2% and 11.16% respectively. The biggest fall was recorded in City of Aberdeen, where average prices fell over the year by 7.0% to £148,000.

It would also seem January was a busy time for Estate Agents with 6,516 transactions registered, up 10.3% from January 2018. In the same period transaction levels in England dropped by 1.7% and 6% in Northern Ireland whilst Wales showed a modest increase of 0.6%.

The UK Property Transaction Statistics showed that on a non-seasonally adjusted basis, in the three months to March 2019 the number of transactions on residential properties with a value of £40,000 or greater in Scotland was 18,660. This is up 1.6% compared with the 3 months to March 2018.

Daryl McIntosh, NAEA Propertymark Strategic Development Manager for Scotland and Northern Ireland comments: “Despite the uncertainty that always seems to surround the market, whether that be politically led or otherwise, these figures demonstrate the strength of Scotland’s property market and should encourage more vendors which will in turn help with the constant battle of lack of supply.”

Read the full report