The latest statistics show a staggering rise in property prices in Scotland but the low amount of sales could account for this ‘blip’
House prices in Scotland have grown more quickly than the UK annual rate of 3.0 per cent in the year to May 2018.
Latest statistics from the House Price Index show Scottish house prices grew by 4.9 per cent in the year to May 2018, down from 5.5 per cent in the year to April 2018, Registers of Scotland said. ‘Average prices in Scotland continued their upward trend in May with an increase of 4.9 per cent when compared to May 2017. ‘Average prices have been increasing each month since March 2016, when compared with the same month of the previous year,’ said Kenny Crawford, Registers of Scotland’s business development and information director In Argyll and Bute, the average cost for May is £144,552 and in May 2017 was £132,536 – a rise of 9.1 per cent. For the Highland Council area, the prices show a rise of 5.3 per cent from £153,071 to £161,170. The same for the Western Isles, Na h-Eileanan Siar, show a jump from an average of £85,910 to £106,073, a rise of 23.5 per cent, but comes with a warning: ‘Low numbers of sales transactions in some local authorities, such as Orkney Islands, Na h-Eileanan Siar and Shetland Islands, can lead to volatility.’ When it comes to volumes, Argyll and Bute has seen a drop of 14.2 per cent in sales over the past 12 months; Highland saw sales rise by 3.9 per cent and in the Western Isles only 19 houses sold in May this year compared to 43 the year before.