Average Scots house price rose 4% in May, new figures show

The average price of a house in Scotland has risen by 4%, official statistics show.

Property prices in Scotland rose four per cent in May. Picture: TSPL
Property prices in Scotland rose four per cent in May. Picture: TSPL

New figures from the Registers of Scotland (RoS) reveal the average price of a property was £141,142 in May, up from £135,678 in the same month last year and an increase of 2.8 per cent when compared to April.

The Scottish figure compares to a UK-wide average of £211,230, a rise of 8.1 per cent.

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Average year-on-year house prices in May fell most in Aberdeen and Aberdeenshire, with falls of 9.2 per cent (to £176,394) and 5 per cent (to £191,476) respectively.

One of the biggest increases was in East Renfrewshire, where the average price rose by 7 per cent to £201,282.

The average price paid by first-time buyers in May was £115,428, an increase of 4 per cent on the previous year, while new-build prices were up 12.25 per cent to £200,554.

The latest figures available for the volume of residential sales in Scotland show there was a 45.4 per cent rise year-on-year, to 11,017, in March.

RoS said a new levy for second homes and buy-to-let properties under the Land and Buildings Transaction Tax, which came into effect on April 1, was likely to have contributed to the increase.