House prices in Scotland have risen by the biggest amount for two years, according to the latest figures.
Fresh statistics from Registers of Scotland (RoS) show that the average price of property jumped by 6 per cent between October 2019 and the same month this year.
Compared with the previous month, house prices in Scotland increased by 1.4 per cent – meaning the average cost of a home is now £163,248.
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The UK average house price was £245,443 which was an increase of 5.4 per cent on October 2019 and an increase of 0.7 per cent on the previous month.
However, spiraling property values have been inflated by a lack of transactions moving through the market – with the volume of residential sales in Scotland in August 2020 down 33.0 per cent on the year before.
Source: Registers of Scotland
This compares with a decrease of 32.4 per cent in England, 47.7 per cent in Wales, and 22.9 per cent in Northern Ireland.
RoS Accountable Officer Janet Egdell said: “Scottish house prices continue to trend upwards in October, this is the largest annual increase in Scottish house prices since February 2018”
In Scotland, Terraced properties showed the largest increase, rising by 7.1 per cent in the year to October 2020 to an average of £137,374.
Flats showed the smallest increase, rising by 4.6 per cent in the year to August 2020 to £115,630.
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Average price increases were recorded in 26 of local authorities, when comparing prices with the previous year.
The largest increase was in South Ayrshire where the average price increased by 11.0 per cent to £151,757.
The largest decrease was recorded in City of Aberdeen, where the average price fell by 5.1 per cent to £139,079.
In Glasgow, the average house price rose to £146,763, an increase of almost 7% from the year before.
Edinburgh, Scotland’s capital, saw house prices rise by 1.7 % from £276,353 to 280,966.
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