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First Single Official UK House Price Index

Registers of Scotland (RoS) has announced the publication of the first single official UK House Price Index (UK HPI). The publication covers statistics up to April 2016 and will continue on a monthly basis thereafter.

The 2010 National Statistician’s Review of Official House Price Statistics recommended the production of a “single definitive house price index produced by the official statistics producer community”. Addressing this recommendation, the Office for National Statistics (ONS), Land Registry for England and Wales (Land Registry), RoS, and Land & Property Services Northern Ireland (LPSNI) have worked together to develop this UK HPI.

“RoS has been producing quarterly house price statistics for Scotland for many years and, following user consultation, will continue to publish these quarterly statistics in parallel with the monthly UK HPI. We also intend to publish tables on our website to allow comparison between these quarterly statistics and the HPI Scotland as more data becomes available.

“The HPI Scotland shows that the average price of a house in Scotland in April was £138,445. This compares to a UK average of £208,974.”

The average price of a residential property in April 2016 Scotland increased by 3.3 per cent when compared with the previous year and by 1.5 per cent when compared with the previous month.

Residential sales volumes in Scotland in February 2016 were 5,507, an increase of 7.7 per cent on the previous year. The City of Edinburgh showed the biggest volume of sales in February with 664 sales.

The average price for a cash sale is £127,180, an increase of 2.1 per cent on the previous year, while the average price for property purchased with a mortgage is £143,667, also an increase of 3.8 per cent on the previous year.

For further information, please contact Lauren Miller.

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