Scottish annual house prices suffer first drop since 2016

The latest UK House Price Index (HPI) reveals that the average Scottish property price in February 2019 was £145,762 – a monthly fall of 3.1 per cent and a drop of 0.2 per cent on the same month in 2018; the first annual decrease in average property prices since March 2016.

Semi-detached and terraced houses recorded an increase in average prices in the year to end February 2019, rising by 2.1 per cent and 1.0 per cent respectively. When compared with February 2018’s figures, flats and maisonettes in Scotland fell 1.3 per cent, and detached houses decreased by 1.2 per cent.

Coatbridge & Glasgow Property Prices

Zoopla’s most recent data looks at the average prices of different property types, breaking down the information by local authority and towns.

According to the figures, in Coatbridge:

• semi-detached houses sold for an average of £130,500,
• terraced houses priced at £97,706, while
• the average price paid for flats in Coatbridge sold for an average of £70,200.

In Glasgow, over the last three months:

• Semi-detached houses sold for an average of £186,206,
• terraced houses averaged at £153,015, and
• flats in the Glasgow area had an average selling price of £129,851.

House prices by area

For the year to end February 2019, there were average price increases recorded in 22 of the 32 local authority areas. The most significant price increases were in Midlothian and Perth and Kinross, where average prices were up 9.9 per cent and 8.8 per cent respectively. North Lanarkshire also saw a modest 3.5 per cent increase on last year’s figures, rising from £102,860 to £106,511 in February 2019, while the City of Glasgow experienced a 2.1 per cent increase on 2017, from £126,515 to £129,126.

In the last three months, the average price paid for a property in Coatbridge was £117,968, a value change of £847 (0.7 per cent), according to Zoopla’s data. Since the beginning of 2019, the average price paid for a property in Glasgow was £167,347; an increase of 0.12 per cent (or £219).

Price growth in UK major cities at a seven-year low

More up-to-date figures were released at the end of last month in Zoopla’s cities house price index, recording a growth of just 1.7 per cent in the 20 cities it tracks in the year to the end of March; the lowest level since May 2012.

Looking into three of Scotland's cities, the statistics found Edinburgh experienced a 2.9 per cent increase year on year to £226,700 in March 2019, while Glasgow’s average property price of £124,000 was a 5.0 per cent increase in the year to end March. Despite this, the data found Aberdeen’s average property price in March 2019 was £164,500; a 0.4 per cent fall year on year.

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