This item was published during the term of a previous administration that ended in April 2007
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Latest figures show drop in house prices
31/05/2005
The average price for a residential property in Scotland
has dropped by 2.4 per cent in the last quarter (January to
March) and is now £115,283, according to figures released
today by Registers of Scotland. This compares with a figure
of £118,123 in the previous quarter (October to December
2004).
This figure does however represent an increase of 7.8
per cent over the same quarter last year.
The highest figure is again in the Lothian region where
the average price for properties registered is £150,532, an
increase of 6.7 per cent on the previous year, although
this represents a decrease of 1.4 per cent compared to the
previous quarter.
The highest year-on-year increase, at 12.6 per cent, is
in the Grampian area where the average house now sells for
£109,144. In addition Grampian is the only area in Scotland
not to show a drop in average price compared to the
previous quarter.
The Glasgow area remains the largest market with sales
of a little over £1 billion for the period, which is an
increase of almost £75 million or 8 per cent over the same
period last year.
The total value of sales across Scotland registered
during the quarter is almost £3.2 billion equating to an
increase of £81 million or 2.6 per cent over the same
quarter last year.
These figures include residential sales for cash, where
there is no mortgage, which occurs in more than 20 per cent
of transactions.
Breakdown of the average price by area is as follows
(pounds sterling):
Central - 104,558
Grampian - 109,144
Highlands and Islands - 106,079
Lothian - 150,532
Scottish Borders - 118,926
South West Scotland - 97,252
Glasgow Area - 110,056
Previous quarterly reports, tables comparing year on
year data and a guide to the compilation of the figures are
available from Registers of Scotland at
http://www.ros.gov.uk/pressreleases.html
This is the eighth in a series of quarterly reports
tracking the movement of property prices in Scotland and
the focus is on the activity in seven broad geographic
regions across the country. The method of calculating the
figures has been independently audited to ensure that the
information is accurate and comprehensive.