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UK House Price Index update from Registers of Scotland

25th October 2016

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The latest UK House Price Index from Registers of Scotland shows that in August 2016 the average property price in the Scottish Borders was £149,148 – up 1.4 percent on the previous year and marginally ahead of the average price for Scotland as a whole, which was £144,561, an increase of 4.3 percent on August 2015 and 1.3 percent higher compared to the previous month. This is well below the UK average of £218,964, up 8.4 percent over the year, while the UK average similarly showed a 1.3 percent increase compared to the previous month.

The downturn in the oil industry continues to impact on the City of Aberdeen market, which in the five months since the House Price Index was first published in June 2016, has shown each month the biggest annual percentage decrease in average price of all of Scotland’s local authority areas. The average price in the City of Aberdeen in August was £175,922, compared to £192,744 in August last year.

Across Scotland, all property types showed a rise in average price when compared with the previous year, however, semi-detached properties took the lead with the biggest increase - up 5.6 percent to £151,917. The average price for a property purchased by a former owner-occupier was £173,859, up 4.7 percent on last year, while the average price for property purchased by a first time buyer was £116,383, an increase of 3.9 percent on the previous year.

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