House prices at highest level since records began

HOUSE prices are at their highest level since records began, according to official statistics published today.

A woman looks at house prices in the ESPC on George Street in Edinburgh. Picture: Dan Phillips

The average house price in Scotland in the second quarter was £170,190, up 5.2 per cent on the same period in 2013.

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It is the highest figure since Registers of Scotland (RoS) began compiling quarterly house price statistics in 2003.

From July to September this year, the total volume of sales was also up, with an increase of 9.1 per cent on the same quarter in the previous year. This figure represents the highest volume of sales for any quarter since Q1 of 2008-09.

RoS director of commercial services Kenny Crawford said: “This is the second consecutive quarter in which the annual increase in average house price has risen by over 5 per cent, bringing the average property price above pre-economic downturn levels, to just over £170,000.

“This, combined with the increase in sales volumes, has brought the total value of sales across Scotland to just under £4.5 billion for the quarter, up 14.8 per cent on the same period last year.”

Renfrewshire recorded the highest percentage rise in average price compared with the same quarter of the previous year, up 17.2 per cent to £137,072.

The City of Edinburgh recorded the highest average at £235,402, a rise of 5.6 per cent compared with the same quarter in the previous year.

The largest percentage fall in price was the Scottish Borders, which showed a drop of 5.7 per cent with an average price of £164,448.

The City of Edinburgh remains the largest market with sales of just under £759 million for the quarter, an increase of 17.9 per cent compared with the same quarter last year.

East Dunbartonshire showed the highest percentage rise with the value of sales increasing by 36.4 per cent compared to the previous year.

All property types showed an increase in average house price in this quarter, the biggest increase being in terraced properties at 5.3 per cent.

The largest sales volumes came from detached properties, which went up by 11.2 per cent on the previous year.

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