June 2015 - Scotland House Price Index
Scottish house prices jump £4,331 in June
- On a monthly basis, property price growth gets back into its stride with a 2.6% boost during June
- Driven by a revival in million-pound home sales in Scotland, after LBTT stifled top-end of market
- Home sales surge 25% since May, reaching the highest monthly total since July 2014
- Glasgow sees strongest jump in sales activity in Q2, up 18% in the past year on back of popularity for flats
Christine Campbell, Your Move managing director in Scotland, comments: “The calm annual house price change of 1.2% recorded in June 2015 belies tumultuous currents of activity beneath the surface. The Scottish housing market has been buffeted around by the changing tide of taxation, but is now back in smoother waters. Average property prices surged 2.6% in June, lifting them safely to £169,227 – approximately level with last December – after bobbing around on many ebbs and flows over the last few months.
“After a thundering wave of million-pound property sales in March, high-end purchases were beached when the Land and Buildings Transaction Tax (LBTT) first came into force and drained the activity from the top of the market momentarily. But million-pound sales are starting to make a come-back. On average in 2014, there were twelve £1 million+ properties sold in Scotland during a month, and we recorded six such sales in June 2015, so we’re halfway there.
As high value sales return to normal levels, this will be reflected in more buoyant house prices. We’ve already seen this start to happen, and on the mainland the biggest monthly rises were recorded by the two most expensive local authorities across Scotland – with properties in East Renfrewshire and East Dunbartonshire experiencing price jumps of 26% and 21% respectively in June.