New figures have revealed a 4.2% rise in the average UK house price.

The latest UK House Price Index (UK HPI) from the Registers of Scotland (RoS) reveals prices are up when compared with March last year to an average of £224,144, with virtually no change when compared to February.

On a regional basis, the average price of a property for March was £146,009 – 0.5% more when compared with February but 6.7% more when compared with March last year.

In addition, the volume of residential sales in Scotland in January 2018 was 5,909 – a 7.9% fall on January last year. This compares with annual decreases in sales volumes of 12% in England and 7.3% in Wales in January, as well as a 12.4% fall during Q1 2018 for Northern Ireland.

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Registers of Scotland Business Development and Information Director, Kenny Crawford, said: "Average prices in Scotland continued their upward trend in March with an increase of 6.7 per cent when compared to March 2017. Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.

"Residential sales volumes decreased in January. The annual decrease of 7.4 per cent when compared with January 2017 in Scotland is in the context of large decreases across the rest of the UK. The cumulative volume of sales for Scotland for the financial year to date – from April 2017 to January 2018 – was 87,097. This is an increase of 5.7 per cent on the equivalent year to date position in the previous financial year 2016/17."

(LM/MH)