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Fall in property prices
18/05/2007
The average price for a residential property in Scotland decreased by 2.2 per cent in the last quarter (January to March 2007) and is now £139,836, according to figures released today by Registers of Scotland. In the previous quarter (October to December 2006) the average price was £143,055.
However, the latest figure also represents an increase of 12.3 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 £178,139, a decrease of 1.5 per cent compared to the last quarter, and up 11.3 per cent on the same quarter the previous year.
The highest year-on-year increase, at 28.1 per cent, is in the Grampian area, where the average house now sells for £150,627.
The Glasgow area remains the largest market with sales of just over £1.4 billion for the period, which is an increase of nearly £145 million or 11.3 per cent over the same period last year.
The total value of sales across Scotland registered during the quarter is just over £4.5 billion equating to an increase of over £660 million or 17 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, in pounds sterling:
Breakdown of average price by area| Region | Jan-March '06 | Jan-March '07 | % increase |
|---|
| Central | 114,040 | 129,187 | 13.3 |
Grampian Highland&
Islands Lothian Borders South West Glasgow Unallocated* SCOTLAND | 117,548
118,912
160,110 130,622 109,407 117,600 160,978 124,481 | 150,267
139,104
178,139 152,697 121,148 126,453 172,257 139,836 | 28.1
17
11.3 16.9 10.7 7.5 7 12.3 |
*Unallocated sales are those which could not be accurately located in a local authority area