House prices in Scotland continue to rise amidst political uncertainty
The most recent quarterly house price statistics published by Registers of Scotland earlier this month, covering the period from July to September 2019, shows that the average selling price of a residential property in Scotland was £185,058, a 1.9 per cent increase compared to the previous year.
The volume of residential property sales in Scotland was 28,665, down 0.2 per cent compared to the previous year, while the total value of sales was £5,304,691,002, up 1.7 per cent from the prior year.
Properties in Clackmannanshire saw the largest increase in average selling price, rising by 11.8 per cent year-on-year to £160,833. West Lothian also saw a significant increase in average selling price, rising by 9.1 per cent to £188,062.
Na-h-Eileanan Siar (Outer Hebrides) properties saw the greatest percentage increases in terms of both volume and value – however, this is partially due to sales volumes in this area being much lower, resulting in more volatile statistics year-on-year.
Looking at areas with a significant sales volume, West Dunbartonshire saw the greatest increase in sales volume, rising by 13 per cent year-on-year, while Midlothian saw the greatest increase in total value, rising by 21.6 per cent year-on-year.
Properties in Edinburgh boasted the highest average selling price at £273,753, which was a 2.7 per cent increase compared to last year. However, Glasgow achieved the greatest sales volume, with 11.5 per cent share of the total Scottish residential property sales – Edinburgh’s share was 11 per cent. However, the sales volume in Glasgow dipped by 1.9 per cent year-on-year, while the sales volume in Edinburgh rose by 1.1 per cent.
Edinburgh also achieved the greatest total value of property sales, rising by 3.8 per cent compared to the previous year and comprising 16.3 per cent of the total value of Scottish sales. Glasgow had 10.2 per cent of the total sales value.
South of the central belt, properties in the Borders saw a 5.2 per cent decrease in average selling price and a 15.2 per cent decrease in sales volume. In Dumfries and Galloway, average selling price held relatively steady, with just a 0.1 per cent year-on-year decrease. There was also a 6.7 per cent increase in sales volume in these areas.
Further north, properties in Dundee saw a 1.4 per cent increase in average selling price, along with a 2.1 per cent increase in sales volume. In Aberdeen, there was a 3.3 per cent year-on-year decrease in average selling prices, alongside a 0.4 per cent dip in property sales volume.
Paul Hilton, chairman of SPC Scotland, said: “The Scottish property market continues to perform well in the face of political uncertainty. Sales volume has remained relatively steady with a small increase in average selling price.
“It’s interesting to see significant increase in sales volume and sales value in West Dunbartonshire and Midlothian respectively. This suggests a growing attraction to homes in areas outside of Edinburgh and Glasgow, yet with easy access to the amenities of the city.
“As demand for homes in the cities results in increasing competition for properties, we may see further increases in sales volumes in areas just outside of Edinburgh and Glasgow.”