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Mixed results for Scottish house prices

The RoS analysis shows:

– The results are highly variable across local authority and property type
– On a local authority basis, the results varied from a 28% annual rise in average prices in West Dunbartonshire to a 6% drop in North Ayrshire
– There was a significant rise in the volume of detached and semi detached houses sold (by 18% and 12% respectively).
Rettie & Co’s Head of Research, Dr. John Boyle, commented:

“Although the latest release of the official Scottish housing market statistics appears mixed, we believe that, overall, this is actually a good set of results for the market. The RoS data is not seasonally adjusted, therefore real caution should be used in assessing the market on the basis of their reported quarterly change. Instead, it is the indicators of annual change that are most reliable and these show a small rise in house prices, but an encouraging larger rise in the number of sales, particularly for detached and semi-detached houses. There does seem more than a whiff of recovery.

There is still a way to go, however, sale volumes remain down by around 50% on what they were at market peak in mid-2007.

Nevertheless, at Rettie & Co, our sales in Edinburgh are up by 56% in the first quarter of 2012 compared with the same period last year, showing that many parts of the market are beginning to function properly again.”

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