New figures have revealed the average price of a property in Scotland has risen by over 7% since last year.

The Registers of Scotland's (RoS) latest UK House Price Index (UK HPI) shows the average property price in January was £148,512; up 7.3% compared with January 2017 and a 1.4% rise when compared with December.

However, the volume of residential sales in November 2017 was 8,572; a decrease of 1.9% on November 2016 and a fall of 4.1% the previous month. Across the rest of the UK, this compares with annual decreases in sales volumes in England (-13%) and Wales (5.2%), while Northern Ireland experienced a 8.8% drop in Q4 2017.

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Overall, average UK property prices rose to £225,621 in January, a rise of 4.9% on January 2017 and a drop of 0.3% when compared with the previous month.

RoS Operations Director and Accountable Officer, Janet Egdell, said: "Average prices in Scotland continued their upward trend in January with an increase of 7.3 per cent when compared to January 2017. Average prices have been steadily increasing each month since March 2016, when compared with the same month of the previous year.

"Residential sales volumes decreased in November. The annual decrease of 1.9 per cent when compared with November 2016 in Scotland is in the context of larger decreases across the rest of the UK. The cumulative volume of sales for Scotland for the financial year to date – from April to November 2017 – was 72,842. This is an increase of 7.9 per cent on the equivalent year to date position for November 2016."

(LM/MH)