The average price of detached houses in Scotland increased by almost 70% over the past 10 years. The average price is now worth an average of £238,000, over £20,000 less than five years ago but £100,000 more than in 2002, when the average value was just £140,000. Compared to other types of properties, detached homes have seen the smallest drop in price over the past five years. The average price of property has fallen by 21% since the height of the market in 2007, with flats down by 23%, their values having suffered as a result of the difficulties faced by first time buyers in getting a mortgage.
Between 2002 and 2007, when it was easier for first-time buyers to get on the property ladder, the average price of flats rose by 126%. Semi-detached homes – which have had seen their average value fall by 16% over the last five years – and terraced homes now account for a larger share of property sales than in 2007. Flats now make less than 32% of property deals, down from 36% in 2007.
The gap between the average price of a detached home and other types of property has grown in the last five years. The average price of a detached property is now 113% more than for a flat and 107% more than a terraced home, compared with 82% and 67% respectively five years ago.