Scottish house prices down by 4.9%

RoS 4 colour-130x130In the latest four week period available the Scottish average house price has decreased by -4.9% to £157,800 and the volume of sales in Scotland has decreased by -10.3%.

The map below lets you find out what’s happening to house prices in your area.

You can get the 52 week version of this map at ros.gov.uk. You can also get more detailed statistical information as well as finding out what houses in your street are selling for with RoS’ free house price search facility.

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  • Gun ainm

    So house prices in Moray are bucking the trend and have risen by 8.2% Some mistake here?

  • soosider

    I have made this point before but comparing a 4 week period to the one preceding it produces almost meaningless data as it takes no cognisance of the seasonal nature of the market, a better and more useful method is to compare and contrast with the same period from previous years.
    The table below is an extract from RSO for the month of September for the last 4 years
    number average total
    Sep-07 13186 £159,273 £2,100,173,778
    Sep-08 7099 £154,515 £1,096,901,985
    Sep-09 6742 £153,776 £1,036,757,792
    Sep-10 6521 £159,035 £1,037,067,235

    I would suggest that the collapse in the housing bubble is evidenced by the huge difference between 2007 and 2008, where we see the halving of the number of houses selling and a small drop in the average value of houses selling of about 3%. Compared to Sep 2010 we see the number of houses selling remain at about half of the number at the peak of the housing bubble, but the average price is almost as it was then.
    So what does this mean, firstly, to my mind, emphasis the misleading nature of the article, as when comparing Sep 2010 to the same month in 2009 there is actually a 3% increase in the average price but a 3% drop in the number of houses selling.
    Generally it would suggest that perhaps we have moved to more stable and consistent housing market than during the property bubble. That the average house price is broadly keeping pace with inflation, or at least the ones that are selling.

    • Bigskelf

      Thanks for that Soosider. I can’t be the only one failing to see the point of this feature in its current form.