Latest house price index shows 8.5 per cent rise last November

Latest house price index shows 8.5 per cent rise last November

The latest provisional statistics from the UK House Price Index (HPI) show that the average price of a property in Scotland in November 2020 was £165,703, an increase of 8.6 per cent on November 2019.

Comparing with the previous month, house prices in Scotland increased by 0.9 per cent between October 2020 and November 2020.

The UK average house price was £249,633 which was an increase of 7.6 per cent on November 2019 and an increase of 1.2 per cent on the previous month.

The volume of residential sales in Scotland in September 2020 was 10,168, an increase of 17.8 per cent on the original provisional estimate for September 2019. This compares with decreases of 13.3 per cent in England, 28.8 per cent in Wales, and 22.9 per cent in Northern Ireland.

In Scotland, terraced properties showed the largest increase, rising by 10 per cent in the year to November 2020 to £139,874. Flatted properties showed the smallest increase, rising by 6.8 per cent in the year to September 2020 to £117,109.

Average price increases were recorded in the majority, 31, of local authorities, when comparing prices with the previous year. The largest increase was in East Ayrshire where the average price increased by 15.6 per cent to £110,073. The only decrease was recorded in Aberdeen City, where the average price fell by 3.4 per cent to £140,629.

In November 2020, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £287,239. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £110,073.

Accountable officer at Registers of Scotland, Janet Egdell, said: “The volume of transactions in September 2020 was high, catching up on some of the reduction in activity in the market in the previous months.”

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