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Average house price in Scotland soars to almost £150,000

Edinburgh had the country's most expensive average property price at £243,920.

By STV News

Published 12 Sep 2017.

The price of the average house in Scotland rose to £149,185 in July.

The latest figures from the UK house price index (UK HPI) showed average prices during the month were up 2.8% compared to the previous month, and 4.8% higher compared to July last year.

Property prices in Edinburgh soared to £243,920, an increase of 10% compared to the previous year.

Aberdeen again witnessed a fall in the average house price with prices plummeting down 7.7% over the course of the year.

Property prices have been declining in the Granite City after the region's oil and gas industry was hit badly by the falling oil price.

Scotland's average property price is significantly lower than the UK-wide average of £226,185.

Registers of Scotland business development and information director Kenny Crawford said: "Average prices in Scotland continued their upward trend in July with an increase of 4.8% when compared to July 2016.

"This represents the biggest percentage increase year-on-year since March 2015.

"While average prices have been steadily increasing each month since March 2016, when compared with the same month of the previous year, sales volumes figures have been more changeable over the 12 months to May.

"May 2017 showed an increase in sales volumes in Scotland of 13.7% when compared with May 2016, however, volumes in May 2016 were lower than usual, a possible effect of the introduction of changes to the Land and Buildings Transaction Tax that came into effect on April 1, 2016."