Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
House Prices Continue Steady Growth
The average price of a property in Scotland in December 2016 was £141,553, according to the latest UK House Price Index (UK HPI). This is an increase of 3.5% on the previous year and a decrease of 0.2% when compared to the previous month.
The UK average house price was substantially higher, at £219,544, which was an increase of 7.2% over the year and an increase of 1.4% when compared to the previous month.
The volume of residential sales in Scotland in October 2016 was 8,329 – a decrease of 14.7% on the previous year and down 10.9% on last month. This compares with annual decreases in sales volumes of 34.5% in England, 25.9% in Wales and 17.6% in Northern Ireland.
The top five local authorities in terms of sales volumes were Glasgow City (973 sales), City of Edinburgh (891 sales), Fife (588 sales), South Lanarkshire (556 sales) and North Lanarkshire (471 sales).
“Sales volumes figures for September 2016 showed the first year-on-year increase in Scotland since March 2016,” commented Registers of Scotland director of commercial services, Kenny Crawford. “However, this growth has not continued into October and volumes have decreased by 14.7% when compared with last year.”
“On the other hand, average prices continue their steady growth year-on-year,” he added. “With the exception of March, every month of 2016 showed an increase in average price when compared with the previous year. There was a decrease of 2.5% in March 2016, but this followed on from a particularly high price increase in March 2015. In addition, there were no average price decreases year-on-year throughout 2014 and 2015, with the last decrease being recorded in June 2013.”
For expert legal advice on buying or selling property in Scotland, then contact our specialist property lawyers today.
Please login first in order for you to submit comments
Let us know how we can help - complete our online enquiry