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House Price Index Reveals Price Increase in Scotland

The average price of a property in Scotland in July 2016 was £143,711, according to the latest UK House Price Index (UK HPI). This equates to an increase of 3.4% on the previous year and an increase of 1.3% compared to June this year.

Across the UK as a whole, the average price of property was £216,750, which is an increase of 8.3% over the year and an increase of 0.4% when compared to the previous month.

“The volume of residential sales in Scotland in May 2016 was 7,131 – a decrease of 16.8% on the previous year, but up 7.0% on last month,” commented Registers of Scotland’s head of products, Rhona Mackay.

“Changes in Land and Buildings Transaction Tax that came into effect on 1st April 2016 for additional dwellings, such as second homes and buy-to-let properties, are likely to have contributed to the increase in volumes seen in March and to the subsequent lower volumes seen in April and May,” she added.

According to the UK HPI, the top five local authorities in terms of sales volumes were the City of Edinburgh (872 sales), Glasgow City (826 sales), Fife (491 sales), South Lanarkshire (430 sales) and North Lanarkshire (404 sales).

The biggest price increase over the last year was in East Renfrewshire, where the average property price increased by 10.7% to £216,382. The biggest decrease was in the City of Aberdeen, where prices fell by 6.9% to £178,977.

All property types showed an increase in average price when compared with the previous year, with detached properties showing the biggest increase of 4.4% to £246,985.

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