Latest prices in Shetland Islands for Semi-Detached properties
The latest figures show that the average price for a Semi-Detached property in Shetland Islands has now reached £180,046 as of Jul 2024. This value is based upon the average value of completed property transactions in the month of July.
Average prices for a Semi-Detached property have increased substantially over the longer term in Shetland Islands. Back in January 2004, prices for this type of property averaged £52,242 based on sales at the time. Fast forward to January 2024, and averages reached £179,061 - representing a growth of 243.00000000000003% over 20 years.
This substantial monumental percentage rise in Semi-Detached property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Semi-Detached homes in Shetland Islands over the past 2 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
Semi-Detached prices in Shetland Islands over the last 12 months
Date
Price
Aug 2023
£153,394
Sep 2023
£150,759
Oct 2023
£151,793
Nov 2023
£155,960
Dec 2023
£160,762
Jan 2024
£179,061
Feb 2024
£175,506
Mar 2024
£178,615
Apr 2024
£168,007
May 2024
£178,525
Jun 2024
£183,563
Jul 2024
£180,046
Recent trends for prices in Shetland Islands
The latest figures from July 2024 indicate the property market in Shetland Islands continues to show falling price trends. Compared to June, 2024, average prices decreased by -1.4% to £210,699. On an annual basis, average property prices have increased 18.1% since 12 months ago.
In terms of sales activity, there were 32 residential property transactions completed in Shetland Islands during July, 2024. Of these purchases, 17 were financed with a mortgage while 15 were all-cash sales. For cash buyers, average prices have changed by -1.2% since June, 2024, coming in at around £223,645. For properties purchased with a mortgage, the average price changed by -1.5% since June, 2024, to £205,767.
Compared to the overall picture in its national parent Scotland, the average property price in Shetland Islands are higher than the current national average of £199,398. While Shetland Islands saw a change of -1.4% over the last month, Scotland as a whole recorded a percentage change of 3.1% in average property values. And on an annual basis, prices across Scotland have grown by 6%, less than the 18.1% yearly change seen in Shetland Islands.
Interested in purchasing a property in Shetland Islands? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Shetland Islands by housing type
Prices last recorded in July, 2024
average
£210,699
detached
£263,027
flat
£136,524
semi-detached
£180,046
terraced
£144,598
Prices by housing type in Shetland Islands
Recent data shows that price growth has varied across different property types in Shetland Islands over the last year. For terraced houses, property prices changed by -1.9% between July 2024 and June 2024 to reach £144,598, and changed by 18.4% over the last 12 months. The annual change was less than the 6.2% change seen for terraced homes in Scotland overall.
Meanwhile, semi-detached properties saw a fall in average prices locally, taking them to £180,046 in June 2024. This represents a -1.9% change from the same month last year.This is outperforming the 6.6% annual change in semi-detached values across the country.
Detached homes in Shetland Islands lost -1% month-over-month to reach an average of £263,027. Annually, detached property values have changed by 17.8%. This is stronger price growth compared to Scotland's 7.8% change for detached houses over the year.
For apartments and flats, average prices decreased by -1.5% between July and June 2024, hitting £136,524. Over the last 12 months, apartment values have changed by 19%, surpassing Scotland's flat and apartment growth rate of 4.6%.
Overall, flat properties have seen the strongest price momentum locally over the past year, with a change of 19%, while detached properties lagged, with a change of 17.8%.
Recent purchases in Shetland Islands
According to data from HM Land Registry, there were 32 completed property purchases in the area of Shetland Islands in July 2024. Of these sales, 15 were recorded as cash purchases whilst 17 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by 18% and the percentage of properties purchased with cash has changed by 18.2%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in shetland-islands.
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