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House prices, Edinburgh and Scotland

THE average price of houses sold in Edinburgh fell by almost three per cent between the last quarter of 2018 and 12 months later, according to figures published by a leading estate agent and law firm.

Aberdein Considine, in association with The Times newspaper, found that, between Q4 2018 and Q4 2019, the average house price in the capital fell from £272,989 and £265,536, a drop of 2.7 per cent.

That still puts Edinburgh towards the top of Scotland’s average house price index, second only to East Lothian, which registered an average of £267,905 in Q4 2019.

The full Q4 2019 list for Scotland is as follows:

1 (3rd Q4 2018) East Lothian £267,905 (Q4 2019) £249,368 (Q4 2018), up 7.4 per cent (average compared to Scotland average: 50.4 per cent).

2 (1st) Edinburgh £265,538 – £272,989 – down 2.7 per cent (49.1 per cent)

3 (4th) East Dunbartonshire – £263,291 – £240,460 – up 9.5 per cent (47.8 per cent)

4 (2nd) East Renfrewshire – £262,297 – £254,585 – up three per cent (47.2 per cent)

5 (5th) Midlothian – £222,373 – £224,842 – down 1.1 per cent (24.8 per cent)

6 (7th) Stirling – £213,623 – £212,274 – up 0.6 per cent (19.9 per cent)

7 (6th) Aberdeenshire – £213,431 – £216,929 – down 1.6 per cent (19.8 per cent)

8 (8th) Perth & Kinross – £200,901 –  £197,212 – up 1.9 per cent (12.8 per cent)

9 (9th) Aberdeen – £194,528 – £194,703 – down 0.1 per cent (9.2 per cent)

10 (10th) Highland – £187,446 – £188,658 – down 0.6 per cent (5.2 per cent)

11 (15th) Argyll & Bute – £185,765 – £170,255 – up 9.1 per cent (4.3 per cent)

12 (12th) West Lothian – £185,466 – £175,653 – up 5.6 per cent (4.1 per cent)

13 (11th ) Scottish Borders – £181,814 –  £177,409 – up 2.5 per cent (2.1 per cent)

14 (16th) Orkney Islands – £178,730 – £164,105 – up 8.9 per cent (0.3 per cent)

15 (14th) Moray – £172,794 – £171,967 – up 0.5 per cent (- three per cent)

16 (13th) Angus – £170,994 – £173,556 – down 1.5 per cent (- four per cent)

17 (20th) South Lanarkshire – £165,456 – £158,042 – up 4.7 per cent (- 7.1 per cent)

18 (18th) Glasgow – £163,874 – £162,291 – up one per cent (- eight per cent)

19 (17th) South Ayrshire – £161,722 – £162,379 – down 0.4 per cent (- 9.2 per cent)

20 (19th) Fife – £161,679 – £160,724 – up 0.6 per cent (- 9.2 per cent)

21 (24th) Falkirk – £157,565 – £150,836 –  up 4.5 per cent (- 11.6 per cent)

22 (21st) Shetland Islands – £154,530 – £157,252 – down 1.7 per cent (- 13.3 per cent)

23 (22nd) Clackmannanshire – £152,761 – £153,311 – down 0.4 per cent (- 14.3 per cent)

24 (25th) Renfrewshire – £151,456 – £144,349 – up 4.9 per cent (- 15 per cent)

25 (23rd) Dumfries and Galloway – £150,103 – £151,247 – down 0.8 per cent (- 15.7 per cent)

26 (26th) Dundee – £146,101 – £143,079 – up 2.1 per cent (- 18 per cent)

27 (27th) North Lanarkshire – £143,602 – £137,924 – up 4.1 per cent (- 19.4 per cent)

28 (28th) West Dunbartonshire – £129,980 – £126,495 – up 2.8 per cent (- 27 per cent)

29 (30th) North Ayrshire – £129,548 – £122,861 – up 5.4 per cent (- 27.3 per cent)

30 (31st) Inverclyde – £125,793 – £120,890 – up 4.1 per cent (- 29.4 per cent)

31 (32nd) Na h-Eileanan siar – £122,771 – £116,227 – up 5.6 per cent (- 31.1 per cent)

32 (29th) East Ayrshire – £117,003 – £124,399 – down 5.9 per cent (- 34.3 per cent)

Scotland – £178,151 – £174,290 – up 2.2 per cent

Meanwhile, according to figures published by the Registers of Scotland in January 2020, the average price of a property in Scotland in November 2019 was £154,798 – an increase of 3.5 per cent on 12 months previously.

Comparing with the previous month, house prices in Scotland rose by 0.4 per cent between October 2019 and November 2019.

The UK average house price was £235,298 which was an increase of 2.2 per cent on November 2018 and an increase of 0.4 per cent on the previous month.

The volume of residential sales in Scotland in September 2019 was 8,628, an increase of 1.8 per cent on the original provisional estimate for September 2018. This compares with an increase of 3.3 per cent in England, 1.3 per cent in Wales and 4.9 per cent in Northern Ireland (quarter three – 2019 compared with quarter in previous year).

Scotland’s house prices grew at a faster rate than the UK in the year to November 2019. While house prices in the UK rose by 2.2 per cent over the period, Scotland saw a rise of 3.5 per cent. However the average house price in Scotland was £154,798 whereas in England the average price stood at £251,222, in London the average was £475,458

Prices vary across Scotland, with the highest-priced area to purchase a property being City of Edinburgh, where the average price was £277,600, and the lowest-priced area being East Ayrshire, where the average price was £95,941.

In Scotland, detached houses showed the largest increase, rising by 4.3 per cent in the year to November 2019 to £266,320. Flats showed the smallest increase, rising by 2.6 per cent to £111,511.

Average price increases were recorded in the majority (29) of local authorities, when comparing prices with the previous year. The largest increase was in Falkirk, where the average price increased by 7.3 per cent to £129,550.

The largest decrease was recorded in City of Aberdeen, where the average price fell by 6.4 per cent to £144,928.

Sources: Scottish Property Monitor, Aberdein Considine, in association with The Times, February 17 2020, and Registers of Scotland, January 15 2020. Here.

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