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Scottish house prices fall for first time in 3 years

The latest House Price Index report revealed the average property price in Scotland was £145,762 in February 2019. This was a 3.1 percent decrease on the previous month and a fall of 0.2 per cent on February of last year (£145,982); the first annual drop in average property price in Scotland since March 2016.

Aberdeen saw the greatest decrease, with prices falling seven per cent from £160,631 to an average of £149,435, while neighbouring Aberdeenshire also suffered a drop of 5.8 per cent in property prices. This was followed by the Scottish Borders (-3.6 per cent), South Ayrshire (-3.2 per cent), Angus (-2.9 percent), and Renfrewshire (-2.1 per cent).

Meanwhile, average property price increases were recorded in the majority of local authorities – 22 out of 32 council areas – when compared with 2017’s prices. The recent data showed the most significant annual price increases were in Na h-Eileanan Siar, Orkney Islands and Midlothian, where average prices were up 12.7 per cent, 10.2 percent and 9.9 percent respectively.

The City of Edinburgh and Glasgow also experienced a modest annual increase of 3.7 per cent (from £250,962 to £260,205) and 2.1 per cent (from £126,515 to £129,126) for the year to end February 2019.

Semi-detached and terraced houses were up in average prices in February 2019 when compared with the same month in the previous year, rising by 2.1 per cent and 1.0 per cent. However, the price for flats/maisonettes and detached houses decreased by 1.3 percent and 1.2 per cent respectively over the same period.

While Scotland’s capital was recorded as the most expensive area to purchase a property – with an average property costing £260,000 – East Ayrshire was the cheapest area to live in February 2019, with an average property price of £98,000.

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