House prices in Scotland higher than rest of UK

17 October 2018, 15:12 | Updated: 17 October 2018, 15:13

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The average price of a property in Scotland has risen more this year than in the rest of the UK.

The latest publication of the monthly UK House Price Index shows the average price of a property in Scotland in August 2018 was £153,309 - an increase of 4.1% on August 2017.

This compares to a UK average of £232,797, which saw an increase of 3.2% over the same period.

The biggest price increases were in West Dunbartonshire (11.9% to £110,867), Inverclyde (9.8% to £112,550) and City of Glasgow (8.9% to £136,353).

Decreases were recorded in City of Aberdeen (4.0% to £161,063), Aberdeenshire (2.5% to £188,426), Scottish Borders (2.5% to £152,576) and East Ayrshire (1.7% to £97,696).

The average price in August 2018 for a property purchased by a first time buyer was £124,223 - an increase of 4.3% compared to the same month in the previous year.

The average price for a property purchased by a former owner occupier was £183,257 - an increase of 3.9% on the previous year.

The average price for a cash sale was £141,237 - an increase of 3.5% on the previous year - while the average price for property purchased with a mortgage was £158,920 - an increase of 4.4% on the previous year.

Kenny Crawford, Registers of Scotland business development and information director, said: "Average prices in Scotland continued their upward trend in June with an increase of 4.1% when compared to August 2017.

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