House Price Index //

WFS House Price Index (Scotland) – October 2020

Understand the changes in transaction numbers and average house prices across Scotland in October 2020.

Highlights from the October House Price Index:

  • House Prices increase by £100 per day in October
  • Scotland’s HPI Index passes 250.0 for the first time
  • September transactions highest for seven years
  • 13 authorities set record average prices in October

Note: The Walker Fraser Steele House Price Index (Scotland) was formerly the Your Move Acadata House Price Index. Content and methodology are unchanged. Please refer to the Notes at the end of the report for more information.

Alan Penman, business development manager at Walker Fraser Steele,
comments:

“The release of pent-up demand from earlier in the year saw average house prices in Scotland increase again in October, up 1.8% on September’s figure and up 4.1% on October 2019. This rising tide has affected most of Scotland: 26 of the 32 local authority areas saw year-on-year price increases in October.

“Transaction data confirms that September was an exceptional month, with the number of property transactions increasing to an unusually high level. Though this uptick later in the year hasn’t quite compensated for the unusually low levels of activity we saw during the lockdown between March and August. Statistics for the first nine months of 2020 show that this year’s sales are at just 67% of the average levels seen during the same period in 2019.

“This uneven distribution of transactions, combined with the vital safety measures made necessary by Covid-19, have slowed property purchase times at points with some Scottish buyers having faced delays. Despite this, the fact that prices continue to grow and that transactions have continued at these levels is a clear indicator of the strength and durability of the Scottish housing market.”

Summary of regional house price changes:

Note: The monthly Walker Fraser Steele House Price Index reports on transaction numbers and the movement of average house prices in Scotland, including regional data. The Index uses:

  • The actual prices at which every residential property in Scotland was transacted, including prices for properties bought with cash, using the data provided by Registers of Scotland as opposed to valuation estimates or asking prices
  • The price of every single relevant transaction, as opposed to prices based upon samples.