Average house price in Scotland rises to start 2018

The average house price in Scotland increased at the start of this year.

Housing prices are on the up in Scotland. Picture: Toby Williams

The latest UK House Price Index found the average price of a property in Scotland stood at £148,512 in January – an increase of 7.3 per cent on January the previous year and 1.4 per cent on December 2017.

The biggest price increases were in East Lothian and West Lothian where average prices increased by 13.9 per cent to £219,393 and 13.3 per cent to £156,149 respectively.

The biggest fall was recorded in Stirling, where prices fell by 0.6 per cent to £174,982.

Registers of Scotland operations director Janet Egdell said: “Average prices in Scotland continued their upward trend in January, with an increase of 7.3 per cent when compared to January 2017.

“Average prices have been steadily increasing each month since March 2016, when compared with the same month of the previous year.

“Residential sales volumes decreased in November. The annual decrease of 1.9 per cent when compared with November 2016 in Scotland is in the context of larger decreases across the rest of the UK.

“The cumulative volume of sales for Scotland for the financial year to date - from April to November 2017 - was 72,842. This is an increase of 7.9 per cent on the equivalent year to date position for November 2016.”

Across Scotland, all property types showed an increase in average price in January when compared with the previous year.

Detached properties showed the biggest increase, rising by 8.6 per cent to £261,291. The average price of a flat showed an increase of 5.6 per cent to £105,590 – the smallest increase of all property types.