Scottish house prices up 3.4 per cent in third quarter of 2014-15

The average house price in Scotland in the third quarter was £165,197, up 3.4 per cent on the same period in 2013.

This is the highest figure for this quarter since RoS began compiling quarterly house price statistics in 2003.

From October to December last year, the total value of sales across Scotland was also up, with an increase of 3.1 per cent compared to the previous year to just under £4.2 billion.

Moray showed the highest percentage rise, with the value of sales increasing by 21.7 per cent compared to the previous year.

Registers of Scotland’s director of commercial services, Kenny Crawford, said: “House prices have continued to rise this financial year, with average prices up by a minimum of 3.4 per cent year on year for the last three quarters.

“We have also seen total values increase this quarter, with the City of Edinburgh remaining the largest market with sales of just over £656 million, an increase of 2.8 per cent compared with the same quarter in 2013.”

North Ayrshire recorded the highest percentage rise in average price compared with the same quarter of the previous year, up 17.1 per cent to £124,260.

Aberdeenshire had the highest average at £232,331, a rise of 5.0 per cent. The largest percentage fall in price was in Falkirk, which showed a drop of 4.3 per cent with an average price of £123,180.

The total volume of sales across Scotland during the third quarter was 25,413, a decrease of 0.3 per cent on the same quarter the previous year. This is the first decrease in sales volumes since quarter two of 2012-13.

Argyll and Bute showed the largest percentage rise in the number of sales with an increase of 18.2 per cent compared to the same period in the 2013.

Edinburgh again recorded the highest sales volume with 2,924 residential sales, a decrease of 1.5 per cent on the previous year. The largest percentage decrease was in Stirling, which showed a drop of 14.2 per cent with 406 residential house sales in this quarter.

All property types, with the exception of detached properties, showed an increase in average house price in this quarter, the biggest being in semi-detached properties at 5.5 per cent. With the exception of flats, all property types experienced a decrease in sales volumes, with detached properties recording the biggest decrease of 4.2 per cent compared to the previous year.

These statistics cover all residential sales, including those that did not involve a mortgage.