House price index, Scotland, Oct 2020

HOUSE prices in Scotland increased by six per cent during the year to October 2020, up from an increase of four per cent in the year to September 2020 – according to the latest UK House Price Index Scotland.

Says an accompanying news announcement: “Scotland house prices were growing faster than the UK annual rate of 5.4 per cent in the year to October 2020.

“On a non-seasonally adjusted basis average house prices in Scotland increased by 1.4 per cent between September and October 2020, compared with a decrease of 0.6 per cent during the same period a year earlier (September and October 2019).

“On a seasonally adjusted basis, average house prices in Scotland have increased by 1.8 per cent between September and October 2020.”

The index goes on to add: “Comparing the provisional volume estimate for August 2019 with the provisional estimate for August 2020, volume transactions decreased by 33 per cent in Scotland. UK volume transactions decreased by 32.6 per cent over the same period.

“In Scotland, terraced houses showed the biggest increase out of all property types, rising by 7.1 per cent in the year to October 2020 to £137,000. The smallest average house price change of all property types was in flats and maisonettes, up by 4.6 per cent in the year to October 2020 to £116,000.

“House prices increased over the year in 26 out of 32 local authority areas. The largest growth was in South Ayrshire where prices increased by 11 per cent in the year to October 2020 to £152,000. The biggest fall for year ending October 2020 was recorded in City of Aberdeen where average prices fell over the year by 5.1 per cent to £139,000.”

Source: UK House Price Index Scotland: October 2020, here. Published December 16 2020.

Picture credit: Place Design Scotland

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