Average Scottish house prices jump during the pandemic

The average house price in Scotland increased by 8.4% over the last year, according to official figures.

Despite the impact of the pandemic, the number of transactions jumped by nearly a third. 

Comparing October 2019 with October last year, the number of house sales rose by 31.9%

The rise is at least partly explained by the desire of many homeowners to have more space and also reflects low borrowing costs.

The figures are based on transactions filed with Registers of Scotland and are published by the Office for National Statistics.

Detached homes saw the biggest increase in price, of 9.9% to an average £285,415, while flats and maisonettes saw a smaller one, rising 7.3% to reach an average of £115,600. 

The average house sale in Scotland last year was at a price of £162,983.

Across the UK, house prices climbed 8.5% in 2020, the highest annual growth rate since October 2014.

Ayrshire increase

Edinburgh remained the most expensive place to buy with the average cost of a house at £236,000, though the price increase was a more subdued 5.3% last year. 

Inverclyde had the lowest average price in 2020, at £108,000.

The biggest mainland increases were in the three Ayrshire council areas, with East Ayrshire up by 17.9%. 

Renfrewshire, East Renfrewshire, Borders and Stirling also saw increases of more than 10%.

Prices in Aberdeen continued to fall, down 2.1%, which may reflect turmoil and job losses in the oil and gas sector last year. 

However, Shetland, which also tends to follow the fortunes of that sector, saw the biggest average price rise in Scotland, of 19.9%. 

The data show a big boost in the number of transactions in Scotland, up 31.9%.

That may reflect a temporary reduction in the Land and Buildings Transactions Tax.

By Douglas Fraser
Business and economy editor

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