House prices, Scotland – May 2022

THE average price of a house in Scotland during the month of May was £187,517 – some 11.2 per cent up on the same month last year.

Says the Registers of Scotland (RoS), £187,517 represents a 1.1 per cent increase on the previous month, April 2022.

The RoS adds that UK average house price was £283,496, which was an increase of 12.8 per cent on May last year and an increase of 1.2 per cent on the previous month.

Says RoS, here: “The volume of residential sales in Scotland in March 2022 was 8,041, a decrease of 32.8 per cent on the original provisional estimate for March 2021 and an increase of 34 per cent on March 2020. However, note that volumes in March 2021 will have been affected by the temporary increase of the nil band of the Land and Building Transaction Tax (LBTT) coming to an end on March 31 2021. 

“This compares with decreases of 44.4 per cent in England and 26 per cent in Wales to March 2022, whilst sales volumes decreased by 19.3 per cent in Northern Ireland when analysing Quarter 1 – 2022 relative to the same quarter in the previous year.”

It goes on to say: “In Scotland, detached properties showed the biggest increase out of all property types, rising by 13.6 per cent in the year to May 2022 to £331,996. Flatted properties showed the smallest increase, rising by 8.2 per cent in the year to May 2022 to £129,097.

“Average price increases were recorded in 31 out of 32 local authorities, when comparing prices with the previous year. The largest increase was in Argyll and Bute where the average price increased by 18.7 per cent to £185,359. The only decrease was recorded in Inverclyde, where the average price decreased by 0.1 per cent to £112,837.”

Pictured: Stromness, Orkney Islands, Picture credit: Place Design Scotland