The Land Registry have released their latest house price index detailing house prices across the nation and how they have changed between June and July of 2016, as well as over the last year.
You can see the eMoov CEO’s comment on the topline stats here. Or if you want to know how the market has performed in the rest of the UK, you can see the latest stats for England here or Wales here. Or see an in-depth look at Scotland below.
Research by money saving online estate agent, eMoov.co.uk, shows that Scottish property prices are increasing since 2015, although there has been a mixed performance across the country month on month.
The average property price in Scotland is now £142,610, highlighting an increase of £5,726 since last year.
Despite this climb in property values, a few regions of the country have seen a decrease in the last year. The City of Aberdeen continues to suffer due to the decline of the oil industry, with prices falling -7% in the last year, although prices have increased marginally month on month (+1%).
Other places to see a drop are Dumfries and Galloway (-4%), South Ayrshire (-3%) and Angus (-2%), all following suit with Aberdeen.
The biggest increase has been in Na h-Eileanan Siar, where prices have skyrocketed in the past year up 31%. This translates to a £27,429 increase for the area in Outer Hebrides, which is typically a low transaction region. However, after the EU referendum, between June and July prices in Na h-Eileanan Siar fell -5%.
Prices also rose in the Shetland Islands +17% in the last year, exhibiting a draw to island property in Scotland. But similar to Na h-Eileanan Siar, they have cooled by -6% month on month.
However, the biggest month on month drop is in Argyll and Bute where prices fell drastically by -7%, a £9,804 drop. Across the City of Edinburgh prices also deteriorated in a similar fashion, declining -6% (£13,698) in the same time frame.
At +7%, Stirling has enjoyed the biggest increase in property prices month on month, a jump of £11,594. The annual increase in Stirling is +10%, which could be attributed to the local council’s City Development Framework – costing £200M, which was implemented in 2015 to evolve the economic and cultural landscape of the ancient city.