SCOTTISH HOUSE PRICE REPORT 2017 Q U A R T E R 4
2017 2 QU AR TE R 4 2017 The s1homes Scottish House Price Report is unique. It s the only report to focus on the Reality Gap, the difference between sellers expectations and what they actually achieve. Its aim is to provide property professionals, home buyers and home sellers with useful accurate information about the reality of the market in their area. Contents All of Scotland Flats Terraced houses Semi-detached houses Detached houses Property size Regional Argyll & Bute Ayrshire East Lothian East Renfrewshire Edinburgh Falkirk Fife Glasgow/Dunbartonshire North Lanarkshire Renfrewshire/Inverclyde South Lanarkshire Stirling/Clackmannanshire West Lothian 4 Introduction 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Q UART ER We compile the report by comparing the asking prices of over 25,000 properties for sale on s1homes with the actual prices achieved as recorded by the official government The demand for properties in Scotland has driven up the selling price across Scotland, more notably at the lower end of the market. We fully expect the demand to continue to produce a competitive property market throughout 2018 - Ewan Stark, Managing Director, of s1homes. agency Registers of Scotland. Whilst we make no claims for this being a like for like comparison it does produce a statistically robust indicator of local house price trends throughout Scotland. You can view the report online at www.s1homes.com/house-pricereport. 3
4 5 All of Scotland Across Scotland, properties are on average selling for more than their asking price. The average selling price was at its highest in Q3 at 178,370, rising 10% from 162,524 in Q1. By the end of the year, the average selling price had decreased by 1.3% to 176,063, from the previous quarter. The average selling price throughout 2017 remained steady, around the 166,000 mark. The year ended with the average selling price 10,000 higher than the average asking price. Flats 2017 ended with the average selling price for flats over 27,000 more than their asking price. The average selling price increased from 128,794 to 140,042 until Q3, and decreased 4,000 in the last quarter. The average asking price increased 5,000 from Q1 until Q3, decreasing by 1.65% in the last quarter of the year. Scottish property data Q1 2017 to Q4 2017 Scottish property data Q1 2017 to Q4 2017
6 7 Terraced houses Semi-detached houses From Q3 to Q4, both the average asking and average selling price of terraced During 2017, semi-detached properties typically sold for more than their asking houses decreased by 2,000 and 1,000 respectively. During 2017 terraced price, by as much as 10,000 in Q4. From Q1-Q3 the selling price increased houses on average sold above the asking price, with the selling price 21,000 each quarter, but dropped from 168,482 to 163,525 in Q4. The average more than their asking price in Q4. asking price has fallen by over 2,000 from Q3 to Q4. Scottish property data Q1 2017 to Q4 2017 Scottish property data Q1 2017 to Q4 2017
8 9 Detached houses Change in average asking prices - Flats Detached houses are the only property type where a Reality Gap exists, selling for less than their asking price. The Reality Gap remained at 9% in the first 2 quarters, narrowed to 5% in the third quarter, but grew in the last quarter to 11%, with properties selling for 26,000 less than their asking price. The average asking price of all flat sizes decreased in Q4, after three quarters of growth. 1 bedroom flats saw the biggest decrease of 3.79% taking the average price to 76,052. 1 bedroom 2 bedroom 3 bedroom Change in average asking prices - Houses Scottish property data Q1 2017 to Q4 2017 The average asking price of 2 and 3 bedroom houses decreavsed by less than 1% in Q4 2017, while the average asking price of 4 and 5 bedroom kept their rising trend of 2017 and have increased 0.43% and 0.22% respectively in Q4. *Source: Registers of Scotland, House Price Report (January 2017 - December 2017) 2 bedroom 3 bedroom 4 bedroom 5 bedroom
10 11 Regional The average asking price fell across 8 of the 13 regions in Q4, the biggest drop was in Falkirk where it fell by 5.8% to 137,132, while the largest price increase was in Edinburgh where it rose by 4.18% to 232,057. Argyll & Bute In Argyll & Bute a Reality Gap exists, with the selling price lower than the asking price. This gap has narrowed from 23,000 in Q3 to 15,000 in Q4 driven by the drop in the average asking price. The average selling price has remained nearly flat in this last quarter at 160,099. Scottish property data Q1 2017 to Q4 2017 Change in advertised asking price from previous quarter Ayrshire East Lothian East Renfrewshire Edinburgh Falkirk Fife Glasgow & Dunbartonshire North Lanarkshire Renfrewshire & Inverclyde South Lanarkshire Stirling & Clackmananshire West Lothian *Source: Registers of Scotland, House Price Report (January 2017 - December 2017) SPONSORED BY NAME HERE... SPONSORED BY NAME HERE...
12 13 Ayrshire In Ayrshire the reality gap disappeared by Q2 driven by the average selling price increasing. In the last quarter, the average asking price fell by around 1,000 with properties typically selling for 13,000 more than their asking price. East Lothian In East Lothian the average asking price increased over the course of the year, with the biggest increase in Q4 by over 7,000. The average selling price showed huge growth from Q1 to Q3 but ended the year dropping by 0.9% to 237,000. Scottish property data Q1 2017 to Q4 2017 Scottish property data Q1 2017 to Q4 2017
14 15 East Renfrewshire After two quarters without a Reality Gap in East Renfrewshire it reappeared in Q4, as average asking prices increased by 3.07% to 267,701 while the average selling price remained stable at 259,956. Edinburgh In Edinburgh properties continued to sell for more than their asking price, with this trend narrowing in Q4 due to the increase of the average asking price by 4.18% to 232,057 and the decrease of the average selling price by 7,000 to 250,309. Scottish property data Q1 2017 to Q4 2017 Scottish property data Q1 2017 to Q4 2017
16 17 Falkirk The Reality Gap in Falkirk that existed until Q3, driven by the higher average asking prices than the selling prices, disappeared in Q4, as the average asking price fell by 5.8% to 137,132 while the average selling price increased marginally to 141,616. Fife In Fife the Reality Gap has disappeared since Q3, due to the growth of the selling prices and decrease in asking prices. In Q4 both the average asking price and the average selling price decreased, by around 2,000 and 6,000 respectively narrowing the gap between them. Scottish property data Q1 2017 to Q4 2017 Scottish property data Q1 2017 to Q4 2017
18 19 Glasgow / Dunbartonshire In Glasgow/Dunbartonshire properties sold above their asking price, in Q4 the difference between the asking price and selling one price was almost 30,000. During 2017 the average asking price and the average selling price continued to increase, ending Q4 at 136,510 and 165,587 respectively. North Lanarkshire In North Lanarkshire the Reality Gap disappeared in Q2 and the year ended with the biggest difference, around 7,000, between the asking price and the selling price. This was driven by the drop of the asking price by 0.18% to 123,229 and the rise of the average selling price by 2.4% to 129,935. Scottish property data Q1 2017 to Q4 2017 Scottish Property data Scottish property data Q1 2017 to Q4 2017
20 21 Renfrewshire / Inverclyde Renfrewshire/Inverclyde properties sold over their asking price, with this difference widening in Q4 due to the drop by 1.39% of the asking price. The average selling price has remained relatively stable since Q2 around 137,000. South Lanarkshire After three quarters with a Reality Gap, South Lanarkshire saw it disappear in Q4, as the average asking price decreased by 3.32% to 155,341, while the average selling price remained flat at 155,629. Scottish property data Q1 2017 to Q4 2017 Scottish property data Q1 2017 to Q4 2017
22 23 Stirling / Clackmannanshire In Stirling/Clackmannanshire the average asking price remained quite stable around 161,000 throughout 2017. The average selling price had notable growth until Q3 and ended the year dropping by 11% to 172,217, narrowing the difference between the average selling the price and the average asking price. West Lothian In West Lothian the Reality Gap narrowed throughout 2017, reaching just 2% in Q4, driven by the decrease in the average asking price by 0.22% and the growth by 1.8% to 167,629 of the average selling price. Scottish property data Q1 2017 to Q4 2017 Scottish property data Q1 2017 to Q4 2017
Contact Esther Ballesteros Brand Manager Esther.Ballesteros@s1now.com 0141 302 7540 Methodology The data is collated and published each quarter for the previous calendar quarter. s1homes asking price statistics are derived from the advertised asking price of residential properties (including new builds) live on s1homes on the 28th of the last month in the quarter. Using a snapshot ensures that price changes for individual properties which are advertised for a long period of time will be included, giving a clearer picture of fluctuations within the market as a whole. The following listings are excluded from the data set: Plots of land Properties with an asking price of less than 20,000 or more than 1 million Properties which are advertised as Price on Application Trends are not presented for those regions where the underlying data is of insufficient size to ensure reasonable accuracy. Average selling price statistics are taken from quarterly reports released by Registers of Scotland, to view the methodology visit http:// www.ros.gov.uk/pdfs/statisticsguidancenotes. pdf Registers of Scotland have no association with s1homes or this report. Data Quality All asking price data on s1homes.com is provided by estate agents/private sellers responsible for advertising that property. s1homes cannot be held responsible for the accuracy of this data. Asking price data is mined directly from the s1homes database and cleansed to remove duplicate listings and other anomalies. Disclaimer Whilst every effort is made to ensure information is correct, s1homes cannot guarantee the accuracy or completeness of the information. The report does not constitute legal or other professional advice. s1homes reserves the right to change methodology, discontinue or revise indices or other analysis at any time. Copyright s1homes figures and charts contained within the report are copyright s1homes.com. Content may be reproduced where sufficient credit to s1homes is given.