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Official Statistics Reveal Scottish House Price Rise

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The latest official statistics from Registers of Scotland (RoS) have revealed a 13.3% increase in Scottish house prices in the fourth quarter of 2014-15 compared to the same period in the previous year.

The average house price in Scotland from January to March apparently reached £173,830, which is the highest figure recorded for any quarter since RoS began compiling quarterly statistics in 2003.

"We've seen sustained growth in house prices throughout the 2014-15 financial year, with January to March's figures representing the highest quarterly increase in average price since quarter one of 2007-08,” commented RoS' head of data, Hugh Welsh. “Future sales statistics will determine whether this is a one-off spike in quarter four average prices, or whether this is a trend that will continue."

All local authorities in Scotland showed a rise in average property prices, with the highest percentage rise occurring in East Lothian, where they rose 28.6% on the same period in the previous year to an average of £248,902.

The total volume of sales fell 4.7% across Scotland as a whole compared to the same quarter in the previous year.  However, some areas did see sales increase, and West Dunbartonshire showed the largest percentage rise in the number of sales, with an increase of 10.6%.

The total value of sales across Scotland registered in the quarter increased by 8.0% to just under £2.95 billion compared to the previous year. This represents the highest value of sales for this quarter since 2007-08.

All property types showed an increase in average house price, with semi-detached properties recording the largest increase at 15.0%. With the exception of detached properties, which saw an increase in sales volumes of 9.1%, the volumes of all property types decreased, with flats showing the biggest decrease at 9.1%.

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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.

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