House prices fall 10% in the North East

Aberdeen's seen the biggest drop in property prices in the country

Published 15th Aug 2017

Aberdeen has seen the biggest drop in house prices in Scotland in June.

The largest increase was in Glasgow City where the average price went up by 8.5% to £123,609, while here in the North East prices fell 10% to £163,847.

The average price of a property in Scotland increased to £144,253 in June.

The figure, contained in the UK House Price Index, is up 2.9% on the same month last year, and up 0.1% on May this year.

It compares to a UK average of £223,257, which was up 4.9% on the previous year and 0.8% higher when compared to May's figure.

The index also shows the volume of residential sales in Scotland in April 2017 was 7,908, an increase of 16% on April 2016 but down 14.2% on the previous month of this year.

The figures compare with annual increases in sales volumes of 1.6% in England, 9.9% in Wales and 5% in Northern Ireland.

Kenny Crawford, business development and information director at the Registers of Scotland, said: “Average prices in June continued their upward trend when compared with June 2016.

“There have been increases in every month since March 2016 when compared with the same month of the previous year.

“Sales volumes figures for April 2017 showed an increase in Scotland of 16% when compared with April 2016. However, volumes in April 2016 were lower than usual, a possible effect of the introduction of changes to the Land and Buildings Transaction Tax that came into effect on April 1 2016.”

The top five Scottish local authorities for sales volumes were the City of Edinburgh (964) Glasgow City (868), Fife (543), South Lanarkshire (511) and North Lanarkshire (411).

Price increases were recorded in 29 out of 32 local authorities in June compared to the previous year.

Across Scotland, all property types showed an increase in average price in June 2017 compared with the previous year. Flats showed the biggest increase, rising by 4.3% to £104,289.

The average price for property purchased by a first-time buyer was £116,315. For a property purchased by a former owner-occupier, the average was £173,088 - an increase of 3.1% on the previous year