The average price of a semi-detached property in Scotland has risen by £41,639 in the last five years, equivalent to £694 per month, according to new research from Bank of Scotland.
The average price of a semi-detached house has grown from £130,784 in 2013 to £172,423 in 2018. Semi-detached houses now account for 21% of all home sales in Scotland.
Although half of all property sales in Scotland last year were either flats or terraced properties, semi-detached homes have increased in value by 32%, compared to 26% for all property types over the same period. Meanwhile, flats have seen average prices rise by £26,995 (26%) since 2013, while detached homes recorded an increase of £43,131 (9%).
Flats remain the most popular property type among Scottish first-time buyers. However, the proportion of sales has cooled slightly over the past five years from 42% to 41%, whilst the popularity of detached properties has increased from 16% to 19%.
Whilst flats are the most popular choice for first-time buyers in Scotland, this isn’t the case across the UK. South of the border, terraced homes are the most popular purchases amongst first-time buyers (37%), with semi-detached homes being the second most popular choice (29%). Flats are the third most popular property type at 22% across Britain.
Flats also remain the most affordable property type in Scotland with an average price of £132,386, followed by terraced (£136,667) and semi-detached (£172,423).
Graham Blair, mortgage director at Bank of Scotland said: “Despite the price rising by over a quarter in the last five years, flats remain the most popular choice among Scotland’s first-time buyers, which is different compared to the rest of the UK.
“Those who already own homes will be eyeing their next move with nearly a third of homemovers looking to step up to a detached home.”
Flat prices in London have more than doubled over the last five years, contributing significantly to the increase seen across the UK. The average price of a flat in London now stands at £393,235 – £260,849 more than what it would cost in Scotland (£132,386).
