New official statistics show rise in Scotland’s property prices

Official statistics issued today by Registers of Scotland (RoS) show the average price of a residential property in Scotland increased between October and December 2009 by 1.3 per cent compared to the same period in 2008. This brings the average property price to £155,618.

Sheenagh Adams, the Keeper of the Registers of Scotland, said:

“Our house price figures are now classified as official statistics.  RoS is the only organisation that holds the full picture on what’s happening in the property market as we register every sale and property transfer in Scotland.

“This is the first annual increase in the average property price for Scotland since the period July to September 2008.  This latest quarter also sees volumes increasing annually for the first time since the period April to June 2007.”

The number of sales transactions registered across Scotland from October to December 2009, increased by 11.7 per cent over the same quarter in 2008 with 21,498 sales registered compared to 19,240 in the previous year.  This is an increase of 7 per cent over the previous quarter (August to September) of 2009.

The average property price increased over the year in 17 of the 32 local authority areas.  Across Scotland, flats showed the largest average property price increase at 4.9 per cent while detached properties showed the largest decrease of 1 per cent when compared with the same period in 2008. 

The total value of sales registered across Scotland during this latest quarter (October to December) was just over £3.34 billion, an increase of 13.2 per cent over the same quarter last year.  The City of Edinburgh is the largest market with sales of just over £444 million for the quarter, an increase of 13.2 per cent over the same quarter in 2008.

These figures cover all residential sales, including sales not involving a mortgage.

To view the statistical news release and full report which provides the local picture across Scotland, visit:
www.ros.gov.uk/public/news/quarterly_statistics.html

ENDS

For further information, please contact: Communications, Registers of Scotland, tel: 0131 528 3808 or email: communications@ros.gov.uk

Notes to editors

1.  The average house price for the previous quarter (July to September 2009) was £154,453.

2. Tables showing the average house price, number of sales and value of sales by local authority area during the quarter (October to December) compared to the previous quarter (July to September) in 2009 and the same quarter in 2008 are available in the statistical report at: www.ros.gov.uk/public/news/quarterly_statistics.html

3. Graphs showing trends in residential property prices and sales volumes from 2003-2009 are available at:www.ros.gov.uk/professional/eservices/land_property_data/lpd_stats.html

4. The statistics have been produced in accordance with the Code of Practice for official statistics.  The Code of Practice requires the statistics to be produced, managed and disseminated to high professional standards.

5. Monthly house price statistics based on local authority area are also available at: www.ros.gov.uk/professional/eservices/land_property_data/lpd_stats.html

6. The median figure is the midpoint in a series of numbers arranged from lowest to highest. If the total number of figures in the list is even, then the median is the average of the two middle figures. Whereas, the average figure is derived from adding all the figures in a series of numbers and dividing the sum by the total number of figures.

7. This quarterly report tracks the movement of property prices in Scotland on the activity in local authority areas across the country.

8. The method of calculating the figures has been independently audited to ensure that the information is accurate and comprehensive.

9. RoS has developed a methodology for delivering statistics based on house type. This covers four house types: Detached, Semi-Detached, Terraced and Flatted (encompassing all types of flats, maisonettes, tenements and 4-in-a-block properties).

10. RoS is the Government Department responsible for compiling and maintaining registers relating to property and other legal documents in Scotland. RoS records and safeguards the rights of the individual whilst providing open access to information on the registers.

Communications, Registers of Scotland
Meadowbank House, 153 London Road, Edinburgh, EH8 7AU
Tel: 0131 528 3808, fax: 0131 479 3672, email: communications@ros.gov.uk