Thursday, 28 August 2008
Scottish house prices buck the trend and continue to rise
By: Murdoch MacDonald
THE average price of a residential property in Scotland increased by 3.6% in the second quarter (April to June) of 2008 and is now £155,691, according to figures published by Registers of Scotland.
The average house price for this quarter has increased by 4.6% since the same quarter in 2007.
One leading property expert commented that the increase in prices was “surprisingly high”, but the surest evidence yet that Scotland is to avoid a much-hyped crash.
The volume of sales showed a decrease of 19.4% compared to the same quarter last year. There was an increase of 12.8% on the previous quarter, reflecting an expected seasonal increase.
The City of Edinburgh local authority area has again recorded the highest average residential price at £221,209. This has increased by 6.2% since the last quarter and is up 5.9% compared to the same quarter last year.
The highest year on year increase, at 14.3%, is in the West Dunbartonshire local authority area, where the average house price is now £119,120. This is up 3.4% from the last quarter.
Orkney Islands local authority area has recorded the largest year on year decrease, at 11.7%, with the average residential price at £112,984 although this has increased 10.4% since the last quarter.
The City of Edinburgh local authority area is the largest market with sales of just over £665 million for the quarter, which is a decrease of 21% over the same quarter last year.
The total value of sales across Scotland registered during the quarter was £4.8 billion which is an increase of 16.9% over the previous quarter and a decrease of 15.9% over the same quarter last year.
These figures cover all residential sales, including sales for cash not involving a mortgage.
Registers of Scotland
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