Property market shows signs of consolidated growth
The Scottish property market is showing signs of consolidated growth, according to official statistics published today by Registers of Scotland.
The number of residential properties sold in Scotland in the fourth quarter was up 22.9 per cent on the same period in 2013. From January to March this year, 17,828 properties changed hands – the highest recorded for this quarter since 2007/08 – while the average price of property was £153,352. These statistics cover all residential sales, including those that did not involve a mortgage.
Registers of Scotland's Director of Commercial Services, Kenny Crawford, commented:
"This is the third successive quarter that volumes have been up over 22 per cent on the previous year, illustrating consolidated growth in the Scottish property market. This is a picture that we're seeing across Scotland, with all local authorities showing an increase in the volume of sales for this quarter compared to the previous year.
"Prices are also up by an average of 3.5 per cent, although this is more of a mixed picture across the country, with an increase of 24.9 per cent in Inverclyde and a fall of 14.3 per cent in Midlothian."
The total value of sales across Scotland registered in the quarter increased by 27.2 per cent compared to the previous year to over £2.73 billion. The City of Edinburgh remains the highest value market with total sales of just under £430 million for the quarter, an increase of 28.4 per cent compared with the same quarter last year. Angus showed the highest percentage rise with the total value of sales increasing by 59.2 per cent, while East Dunbartonshire recorded the highest average property price at £219,731, a rise of 4.6 per cent.
All property types showed an increase in average house price in this quarter, the biggest increase being in terraced properties at 2.6 per cent. The largest sales volumes came from semi-detached properties, which increased by 29.5 per cent.
To add further insight into these statistics, Registers of Scotland will soon be releasing a 10-Year Property Market Report for 2004-2014. This follows up on the 2003-2013 report issued last year, and will once again cover the trends in the land and property market over the past decade.
Communications, Registers of Scotland, Meadowbank House, 153 London Road, Edinburgh, EH8 7AU
To request an interview, or to receive a pre-recorded video or audio clip of Kenny Crawford's quote, please telephone Alexandra Wingate on 0131 479 3696 or email firstname.lastname@example.org.
Notes to Editors
1. For the full picture and detail, read the Registers of Scotland Official Statistical Report at www.ros.gov.uk/public/news/quarterly_statistics.html. Information available for comparison includes average house price, median price, number of sales and value of sales by local authority area during the quarter (January – March 2014), as well as the previous quarter and the same period in 2013.
2. The statistics have been produced in accordance with the Code of Practice for official statistics. The method of calculating the figures has been independently audited to ensure that the information is accurate and comprehensive.
3. 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).
4. 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 while providing open access to information on the registers.
5. These figures cover all residential sales, including sales for cash not involving a mortgage. Approximately 25 per cent of sales fall into this category.
Issued on April 29, 2014