Volumes are Up, but Values are Down

The number of houses sold in Scotland increased during the last quarter of 2011, but there was a fall in the number of flats sold. The average price for domestic properties dropped by 0.5 per cent according to official statistics released today by Registers of Scotland.

Speaking about the figures, Kenny Crawford, Registers of Scotland’s Director of Commercial Services, said:

"The biggest increase for the number of sales was for detached houses, with 4.5 per cent more sold in the last quarter of 2011, than the last quarter of 2010 (October to December).  However, the sale of flats dropped by 6.3 per cent, meaning that the overall volume of sales in Scotland rose by 0.2 per cent. This pattern is reflected in the average price of flats, which dropped by 7.4 per cent. Within these statistics, flatted properties account for over 65 per cent of the domestic property market in Glasgow and Edinburgh, and 34 per cent for Scotland.

“The strength of sales in the house market is having a leveling effect on the market as a whole and this is keeping the changes to Scotland’s property averages at under one per cent.”

Scotland’s major cities saw an increase in average price except Glasgow, which dropped by 0.4 per cent. For the local authority areas around Glasgow, Inverclyde saw the biggest fall in prices with a drop of 12 per cent compared to 2010. East and West Dunbartonshire showed significant increase in the number of properties changing hands with both experiencing an increase of over 28 per cent.

The City of Edinburgh continues to hold the highest average value for domestic properties at £226,000, up 4.5 per cent on the same period in  2010.

For the full picture and detail, read the Registers of Scotland Official Statistical Release at www.ros.gov.uk/public/news/quarterly_statistics.html

ENDS

For further information, please contact: Communications, Registers of Scotland, tel: 0131 200 3975 or email: communications@ros.gov.uk

Notes to editors

1. Tables showing the average house price, median price, number of sales and value of sales by local authority area during the quarter (October to December 2011) compared to the previous quarter (July to September 2011) and the same quarter in 2010 are available in the statistical report at: www.ros.gov.uk/public/news/quarterly_statistics.html

2. 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.

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

5. This quarterly report tracks the movement of property prices and sales volumes in Scotland, based on the activity in local authority areas across the country.

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

7. 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 four-in-a-block properties).

8. Registers of Scotland (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.

9. These figures cover all residential sales, including sales for cash not involving a mortgage. Approximately 25% of sales fall into this category.

10. RoS operates a free property price search at www.ros.gov.uk

Isla MacLeod, Communications, Registers of Scotland
Meadowbank House, 153 London Road, Edinburgh, EH8 7AU
Tel: 0131 200 3975, fax: 0131 479 3672, email: communications@ros.gov.uk
Issued on - 31 January 2012