Rise in annual house prices in Scotland

The UK House Price Index (UK HPI) data for March reveals despite the month-on-month dip annual prices increased 4.4 per cent, taking the overall average UK property value to £232,530.

In Scotland, monthly figures fell by 1 per cent taking the average price to £137,139. However, annually prices rose by 0.7 per cent. The largest year-on-year rise was experienced in the Orkney Islands, increasing by 15.3 per cent between March 2016 – March 2017 from £124,701 to £143,751.

However, Aberdeen experienced the largest fall (-6.3 per cent), with prices declining from £173,942 in 2016 to £163,050 this year.

East Midlands and the East of England experienced the greatest increase in average property price over the last 12 months, each with a movement of 6.7 per cent. The North East saw the only negative annual price growth, declining by 0.4 per cent.

In London, prices rose 1.5 per cent to take the average property value to £471,742. However, monthly prices have fallen since February (-1.5 per cent).