The latest UK House Price Index (UK HPI) reveals the average price of a property was £143,711 in July, 3.4% more expensive than the previous year. The average UK house price was £216,750, a yearly increase of 8.3%.
Registers of Scotland's head of products, Rhona Mackay, attributed the rise in residential sales prices due to changes in the Land and Buildings Transaction Tax (LBTT).
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"The volume of residential sales in Scotland in May 2016 was 7,131 - a decrease of 16.8 per cent on the previous year, but up 7.0 per cent on last month," she said.
"Changes in Land and Buildings Transaction Tax that came into effect on 1 April 2016 for additional dwellings, such as second homes and buy-to-let properties, are likely to have contributed to the increase in volumes seen in March and to the subsequent lower volumes seen in April and May."
The biggest price increase over the last year was in East Renfrewshire, where the average price increased by 10.7%to £216,382. However, the biggest decrease was in the City of Aberdeen, where prices declined by 6.9% to £178,977.
(LM/CD)
