Latest house price index shows 8.5% rise last November

Comparing with the previous month, house prices in Scotland increased by 0.9% between October 2020 and November 2020.

The UK average house price was £249,633 which was an increase of 7.6% on November 2019 and an increase of 1.2% on the previous month.

The volume of residential sales in Scotland in September 2020 was 10,168, an increase of 17.8% on the original provisional estimate for September 2019. This compares with decreases of 13.3% in England, 28.8% in Wales, and 22.9% in Northern Ireland.

In Scotland, terraced properties showed the largest increase, rising by 10% in the year to November 2020 to £139,874. Flatted properties showed the smallest increase, rising by 6.8% in the year to September 2020 to £117,109.

Average price increases were recorded in the majority, 31, of local authorities, when comparing prices with the previous year. The largest increase was in East Ayrshire where the average price increased by 15.6% to £110,073. The only decrease was recorded in Aberdeen City, where the average price fell by 3.4% to £140,629.

In November 2020, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £287,239. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £110,073.

Accountable officer at Registers of Scotland, Janet Egdell, said: “The volume of transactions in September 2020 was high, catching up on some of the reduction in activity in the market in the previous months.”