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Shetland Islands · report

Past price cycles in Shetland Islands

Sale prices have fallen by 3% or more 21 times since 2004. The deepest began in May 2018.

Deepest fall
−36.1%
Recovery from the low
11 months

Prices in Shetland Islands and the UK, indexed

Average sale prices, both set to 100 in January 2004.

  • Shetland Islands
  • United Kingdom
  • 100 = January 2004
Show the numbers
PeriodShetland IslandsUnited Kingdom
Aug 2026317.7216.4
Jul 2026317.9215.7
Jun 2026330.4214.5
May 2026343.2215.7
Apr 2026339.1214.7
Mar 2026323.1212.9
Feb 2026315.0213.5
Jan 2026297.6213.0
Dec 2025329.5212.4
Nov 2025327.0214.4
Oct 2025365.4213.8
Sep 2025337.6213.6
Aug 2025357.8214.4
Jul 2025339.1213.1
Jun 2025350.6211.4
May 2025359.8209.3
Apr 2025382.9206.2
Mar 2025380.2212.4
Feb 2025353.9209.8
Jan 2025337.9210.0
Dec 2024322.0209.2
Nov 2024321.5209.6
Oct 2024347.5210.2
Sep 2024349.3209.8
Aug 2024361.1210.1
Jul 2024341.7208.0
Jun 2024344.1205.7
May 2024338.8204.9
Apr 2024319.6203.3
Mar 2024341.4202.2
Feb 2024333.8201.8
Jan 2024341.5202.9
Dec 2023309.5203.0
Nov 2023295.1204.8
Oct 2023286.2206.2
Sep 2023286.1207.1
Aug 2023291.3208.1
Jul 2023290.2207.0
Jun 2023287.2204.7
May 2023301.2203.9
Apr 2023314.7203.3
Mar 2023337.6202.8
Feb 2023330.7205.1
Jan 2023352.6206.8
Dec 2022349.4208.6
Nov 2022344.8210.3
Oct 2022336.5210.6
Sep 2022306.5210.6
Aug 2022323.1210.1
Jul 2022327.5208.4
Jun 2022343.2204.6
May 2022335.6202.1
Apr 2022316.9199.8
Mar 2022313.7197.5
Feb 2022282.6196.8
Jan 2022276.3196.6
Dec 2021280.5194.3
Nov 2021300.4193.3
Oct 2021288.9189.6
Sep 2021264.7194.5
Aug 2021259.9188.9
Jul 2021280.8183.4
Jun 2021306.1192.4
May 2021317.4182.7
Apr 2021303.1181.5
Mar 2021286.4184.2
Feb 2021282.9181.5
Jan 2021259.7181.0
Dec 2020267.4181.0
Nov 2020265.1179.6
Oct 2020296.6177.8
Sep 2020297.6176.3
Aug 2020245.2174.5
Jul 2020207.6172.8
Jun 2020196.0171.4
May 2020242.4169.0
Apr 2020270.2168.1
Mar 2020276.1169.9
Feb 2020241.7168.4
Jan 2020235.9169.3
Dec 2019227.2169.2
Nov 2019257.2169.4
Oct 2019254.2170.0
Sep 2019279.0170.5
Aug 2019292.1170.4
Jul 2019287.4169.8
Jun 2019257.7167.9
May 2019249.9167.2
Apr 2019271.9167.0
Mar 2019265.9165.8
Feb 2019260.7166.3
Jan 2019230.4166.7
Dec 2018235.4167.7
Nov 2018216.7168.1
Oct 2018239.0168.8
Sep 2018243.5169.0
Aug 2018265.6169.3
Jul 2018290.5168.8
Jun 2018303.5166.7
May 2018306.7165.6
Apr 2018271.9164.9
Mar 2018269.7163.4
Feb 2018263.2164.4
Jan 2018281.2163.9
Dec 2017266.2164.5
Nov 2017262.6163.9
Oct 2017235.1164.3
Sep 2017244.7164.2
Aug 2017252.7164.8
Jul 2017262.9164.1
Jun 2017254.2162.0
May 2017236.7160.6
Apr 2017248.5159.6
Mar 2017256.0157.1
Feb 2017292.0157.5
Jan 2017286.1157.1
Dec 2016283.6157.3
Nov 2016242.0157.0
Oct 2016220.9156.3
Sep 2016224.3156.8
Aug 2016232.9157.1
Jul 2016256.7157.1
Jun 2016265.2155.4
May 2016269.1153.9
Apr 2016240.1152.2
Mar 2016232.8151.6
Feb 2016237.2150.1
Jan 2016243.1150.0
Dec 2015230.8149.6
Nov 2015223.4149.1
Oct 2015200.0148.0
Sep 2015200.1147.8
Aug 2015201.2147.5
Jul 2015227.6146.1
Jun 2015236.1143.7
May 2015222.0142.6
Apr 2015234.1141.1
Mar 2015218.2139.8
Feb 2015234.9139.3
Jan 2015217.0139.2
Dec 2014231.6139.9
Nov 2014211.4139.6
Oct 2014213.3140.1
Sep 2014190.3140.3
Aug 2014189.7140.1
Jul 2014182.5138.5
Jun 2014173.9136.6
May 2014187.3135.4
Apr 2014176.0134.0
Mar 2014201.6131.1
Feb 2014190.6130.6
Jan 2014206.6130.1
Dec 2013203.9129.9
Nov 2013206.2128.7
Oct 2013205.9128.0
Sep 2013202.8128.6
Aug 2013202.8128.5
Jul 2013195.7127.5
Jun 2013179.2126.0
May 2013172.4125.0
Apr 2013160.1124.4
Mar 2013158.4123.1
Feb 2013155.0122.4
Jan 2013165.5122.4
Dec 2012185.1123.3
Nov 2012200.9123.5
Oct 2012198.1123.4
Sep 2012172.8124.3
Aug 2012163.8124.8
Jul 2012167.1124.6
Jun 2012195.6124.1
May 2012195.0122.9
Apr 2012186.8122.5
Mar 2012176.4121.2
Feb 2012179.5120.8
Jan 2012195.5121.1
Dec 2011197.5122.0
Nov 2011204.1122.5
Oct 2011189.7122.4
Sep 2011198.6123.8
Aug 2011187.8124.1
Jul 2011200.0124.0
Jun 2011190.9122.5
May 2011186.5122.3
Apr 2011196.4122.8
Mar 2011179.6120.9
Feb 2011186.1121.5
Jan 2011170.6122.1
Dec 2010180.5123.2
Nov 2010170.5123.4
Oct 2010175.5124.9
Sep 2010173.6126.3
Aug 2010197.5126.6
Jul 2010194.8126.6
Jun 2010178.2125.3
May 2010149.2124.7
Apr 2010142.5124.1
Mar 2010144.9122.6
Feb 2010149.5122.6
Jan 2010167.0122.3
Dec 2009166.8122.7
Nov 2009169.3121.9
Oct 2009149.7121.5
Sep 2009176.6120.7
Aug 2009187.1119.7
Jul 2009185.3118.6
Jun 2009162.4116.5
May 2009141.4115.4
Apr 2009153.6113.8
Mar 2009159.9112.8
Feb 2009155.4113.5
Jan 2009139.1114.8
Dec 2008140.2117.5
Nov 2008144.1119.3
Oct 2008151.6122.8
Sep 2008164.9125.3
Aug 2008161.1128.6
Jul 2008153.5131.3
Jun 2008131.3132.7
May 2008150.4134.5
Apr 2008168.8133.7
Mar 2008176.7133.5
Feb 2008170.1134.5
Jan 2008147.4135.6
Dec 2007136.2138.1
Nov 2007141.8138.3
Oct 2007161.0138.4
Sep 2007177.3138.7
Aug 2007170.6138.6
Jul 2007148.5137.8
Jun 2007135.0136.0
May 2007138.1134.6
Apr 2007140.0133.0
Mar 2007147.5130.4
Feb 2007146.9129.4
Jan 2007147.5129.0
Dec 2006131.5129.1
Nov 2006113.5127.5
Oct 2006110.6126.8
Sep 2006109.9126.1
Aug 2006114.1125.6
Jul 2006123.5124.6
Jun 2006115.7122.8
May 2006111.9121.6
Apr 200697.2120.5
Mar 2006113.7117.9
Feb 2006106.2117.0
Jan 2006111.9116.8
Dec 2005105.1117.0
Nov 2005116.7116.3
Oct 2005110.4116.0
Sep 2005109.4116.2
Aug 2005100.3116.4
Jul 2005105.4115.9
Jun 200598.8114.4
May 2005106.2113.5
Apr 2005112.4112.3
Mar 2005127.2110.8
Feb 2005122.4109.9
Jan 2005108.9110.0
Dec 200489.1110.0
Nov 200485.5110.9
Oct 200488.1111.0
Sep 200495.9110.2
Aug 200494.4110.4
Jul 200486.3109.2
Jun 200487.3106.9
May 200483.9105.0
Apr 200481.4103.8
Mar 200481.499.3
Feb 200483.299.0
Jan 2004100.0100.0

Every fall of 3% or more

From the peak to the lowest month after it, and how long prices took to get back.

PeakLowFallMonths fallingMonths to recover
January 2004March 2004−18.6%210
March 2005April 2006−23.6%138
January 2007June 2007−8.5%51
September 2007June 2008−26.0%913
August 2009April 2010−23.8%83
August 2010November 2010−13.7%38
July 2011August 2011−6.1%13
November 2011February 2013−24.1%158
January 2014June 2014−15.8%54
December 2014January 2015−6.3%11
February 2015March 2015−7.1%13
June 2015October 2015−15.3%43
January 2016March 2016−4.2%22
May 2016October 2016−17.9%52
February 2017October 2017−19.5%87
May 2018June 2020−36.1%2511
May 2021August 2021−18.1%39
June 2022September 2022−10.7%32
January 2023September 2023−18.9%811
August 2024November 2024−11.0%34
April 2025January 2026−22.3%9Not yet

The UK House Price Index goes back to 1968 for the UK, its nations and England's regions, to 1995 for councils in England and Wales, to 2004 in Scotland and to 2005 in Northern Ireland, where it is quarterly. A fall counts once prices drop 3% below a peak, and ends when they are back at it.

Other reports for Shetland Islands

Next 12 months

Sale prices have an 80% chance of landing between £141,890 and £227,964 by August 2027.

Expected, August 2027
£184,927
Chance of a rise
55%

Affordability

At the average sale price, a home costs £180,869. With 10% down and a 30-year mortgage, the payment is £834 a month. The UK sets no cap on the payment; no more than 15% of new mortgages may lend over 4.5 times income.

Payment, two incomes
11%
Payment, one income
22%

Buy or rent

Figures for Scotland: Shetland Islands has no reliable figures of its own.

Owning the average home costs less each month than renting it. Owning counts interest, running costs and the return the deposit could earn, at the average sale price; rent is the average of all private tenancies. Repaying the loan is saving, so it is left out.

Rent per month
£1,011
Owning per month
£934

New homes

75.7% fewer homes were started in the last 12 months than in an average year of the past decade.

Started, 12 months
18
Per 1,000 residents
0.8

Foreign buyers

Figures for United Kingdom: Shetland Islands has no reliable figures of its own.

Buyers living abroad bought 1.8% of the homes sold here in the four quarters to Q1 2025.

Bought by buyers abroad, 12 months
1.8%

People and new homes

In 2025 the population fell by 92 while 36 homes were finished.

Homes finished, 2025
36
Population change, 2025
−92

Renovation

In 2026, 3% of the homes added came from existing buildings rather than new ones.

Homes from existing buildings, 2026
3%