Average house price falls 2.3% to £164k

The volume of residential property sales in Scotland rose 4.9% in the April-June quarter compared to the same period last year — but the average price was down 2.3% to £164,326.

The total value of house sales in Scotland rose 2.5% in the quarter to £4.2 billion.

East Renfrewshire recorded the highest average property price at £241,364, up 11.7% on the same quarter last year.

According to official statistics published by Registers of Scotland, 25,760 properties changed hands in Scotland between April and June, the highest volume of sales for these months since 2008-09.

Kenny Crawford, Registers of Scotland’s director of commercial services, said: “The total value of the residential property market continues to make an important contribution to the Scottish economy.

“We saw a sustained increase in the volume of sales during the previous financial year and this trend is continuing in the first quarter of 2016-17.”

The City of Edinburgh was the largest market in the latest quarter with sales up 7.1% to £745.7 million.

South Ayrshire recorded the highest increase in value with sales of £92.2 million — an increase of 27.8% on the same quarter last year.

Aberdeen City showed the largest fall in market value, down 24.4% to £223.8 million.

The highest percentage rise in the volume of sales was in Argyll and Bute, with an annual increase of 24.5% to 462 residential sales.

Edinburgh City recorded the highest volume at 3,178 sales, up 8.6%.

The largest percentage fall in volume of sales was in Aberdeen City, down 19.5% to 1,063 residential sales.

With the exception of detached homes, all property types showed an increase in sales volumes, with flats showing the biggest increase at 11.2%.

All property types showed a decrease in average house price in this quarter, with terraced properties showing the biggest decrease, down 5.6% to £132,700.

Detached, semi-detached and flats showed price decreases of 3.7%, 0.8% and 4% respectively.

These statistics cover all residential sales, including those that did not involve a mortgage.