Registers of Scotland: House prices rise by 3.4%

House prices in Scotland have continued to rise with an increase of 3.4% on the same period last year, according to official figures.

The Registers of Scotland said the average cost of a home in the three months to December 2014 was just over £167,000.

The total value of property sales also increased by 3.1%.

East Renfrewshire has the most expensive average property price in Scotland of £227,905.

The total volume of sales across Scotland fell for the first time since 2012-13. There were 25,413, sales, a decrease of 0.3% on the same period the year before.

From October to December last year, Moray showed the highest percentage rise in property price, with the value of sales increasing by 21.7%.

The largest fall in price was in Falkirk, where the average cost of a home was £123,180 - a drop of 4.3%

Continued rise

Kenny Crawford, Registers of Scotland's director of commercial services, said: "House prices have continued to rise this financial year, with average prices up by a minimum of 3.4% year on year for the last three quarters.

"We have also seen total values increase this quarter, with the city of Edinburgh remaining the largest market with sales of just over £656m, an increase of 2.8% compared with the same quarter in 2013."

Total volume of sales across Scotland during the third quarter was 25,413, a decrease of 0.3% on the same period the previous year.

This is the first fall in sales volumes since the second quarter for 2012-13.

The Registers of Scotland figures cover all residential sales, including those that do not involve a mortgage.