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Latest figures show spring growth in Scots house market
Slowing price growth, but a stronger pickup in transaction volumes, have been recorded by Registers of Scotland in the latest monthly house price figures.
The average price increased by 1.3% in the year to June 2019, down from 1.5% in the year to May 2019 but higher than the UK average of 0.9%. On a non-seasonally adjusted basis, prices in Scotland were up by 0.7% between May 2019 and June 2019, compared with a rise of 0.9% during the same period a year earlier. The seasonally adjusted month-on-month growth was 0.3%. The overall average price paid was £151,891.
The UK Property Transaction Statistics showed that on a non-seasonally adjusted basis, in the 3 months to June 2019 the estimated number of transactions on residential properties with a value of £40,000 or greater in Scotland was 24,640. This is down 7.4% compared with the 3 months to June 2018.
Meanwhile provisional figures for April show transaction volume up by 6.0% on the same month in 2018, though UK property transaction statistics from HMRC indicate a 7.4% slowdown over the three months to June 2019 compared with the same quarter last year.
Prices increased in 20 out of 32 local authority areas. The biggest average rise was in Stirling at 6.4%, followed by East Renfrewshire at 6.2%. The biggest fall, 5.3% was recorded in South Ayrshire, followed by City of Aberdeen at 3.6%.
As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.