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The Office for National Statistics has published the latest UK House Price Index (UK HPI), which reveals the most recent house price changes across the country.
According to the Index, average house prices for the UK fell by 0.1% in February this year compared to the previous month. On an annual basis, average prices rose by 4.4%. The average UK house price in February stood at £225,047.
On an individual country basis there was significant variation in prices.
In England, prices rose by 0.25% in February compared to the previous month, and by 4.1% on an annual basis, taking the average property price to £242,176.
Wales experienced a fall in average prices over the month, with prices falling by 0.4% from January. Over the year however they rose by 4.8%, taking the average property value to £152,891.
In Scotland, the average property price in February was apparently £144,377, which is a rise of 6.2% on February in the previous year and a decrease of 2.7% when compared to the previous month.
Registers of Scotland figures show that the number of property sales taking place in Scotland fell during December 2017 (the latest figures available) to 8,052. This represents an annual fall of 5.1% and a decrease of 6.6% on the previous month.
Scotland isn’t the only country to see a fall in sales figures, however. The rest of the UK also experienced a decline, with sales numbers falling by 21.2% in England, 14.3% in and 8.8% in Northern Ireland (Quarter 4 – 2017).
The vast majority of local authority areas in Scotland saw average house prices increase in January 2018 compared to the previous year.
The biggest price increases were to be found in Argyll and Bute, City of Edinburgh and West Lothian, where average prices increased by 13.3% to £144,404, 11.2% to £250,986 and 11.2% to £153,230 respectively. Decreases were recorded in Aberdeen City and Stirling where prices fell by 1.5% to £159,653 and 0.5% to £174,076.
Increases in sales volumes were recorded in less than one third (10) of local authorities in December 2017, when comparing volumes with the previous year. The biggest increases were in Angus and Stirling, where volumes increased by 38.6% to 183 sales and 16.3% to 150 sales respectively. At the other end of the scale, the biggest decreases were in Inverclyde, Falkirk and Renfrewshire, where volumes fell by 22.3% to 94 sales, 19.4% to 241 sales and 18.4% to 307 sales respectively.
Across Scotland, all property types showed an increase in average price in February 2018 when compared with the same month in the previous year. Top of the list were terraced properties, with prices rising by 7.1% to £119,109. The smallest increase was for semi-detached properties, which experienced an average increase of 5.4% to £148,670.
The average price in February 2018 for a property purchased by a first time buyer was £116,406 – an increase of 6.2% compared to the same month in the previous year. The average price for a property purchased by a former owner occupier was £173,513 – an increase of 6.1% on the previous year.
For expert legal advice on buying or selling property in Scotland then contact our specialist property lawyers today.
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