It’s great news for the Scottish housing market as prices have risen faster than the UK as a whole in the 12 months up to August.
According to official house sales data, the average property price here in Scotland in August this year was £153,309 which is 4.1% higher than the same time last year.
Official house sales data showed the average price of a property in Scotland was £153,309 – 4.1% higher than in August 2017. Across the UK the average price of a property was £232,800, an increase of 3.2%.
When looking at the UK House Price Index (UK House Price Index) figures on a monthly basis, prices in Scotland rose by 0.3% in August compared to a UK increase of 0.2%. Out of 32 local authorities, 28 recorded year-on-year average price increases in August.
West Dunbartonshire saw the largest increase with a rise in prices by 11.9% and Inverclyde with a 9.8% increase. Aberdeenshire saw the largest fall, down by 4% and Scotsish Borders down by 2.5%.
The biggest rise in prices were seen with semi-detached homes which climbed by 6% to £160,535, whereas detached properties showed the smallest increase – up by 3.2% to £262,175.
Here in Central Scotland, over the last year average sold prices were similar to the previous year and 46% down on 2007 when the average house price was £297,299.
In addition, the latest UK Finance’s Mortgage Trend update for August reveals that there has been a 2% increase in the number of first-time buyer mortgages and 5.2% more year-on-year. Figures also show that the average first time buyer is aged 30 and has a gross annual income of £42,000.
The number of completed buy to let mortgages has fallen by 13% compared to the same time last year and 20% down year-on-year.
The Mortgage Hub is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right first time buyer mortgage, or are looking to re-mortgage due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.