Property market improves across Scotland’s seven cities
As the housing market across Scotland shows signs of recovery, all seven cities have seen substantial increases in the numbers of properties sold.
Statistics were published today by Registers of Scotland, and cover all residential sales in the calendar years of 2012 and 2013, including those that did not involve a mortgage.
Edinburgh recorded the largest percentage rise in the number of sales with an increase of 24.9 per cent in 2013 compared to the previous year. Edinburgh also overtook Glasgow as the city with the highest sales volume with 9,412 residential house sales. The lowest increase was seen in Dundee, which achieved a 13.9 per cent rise in transactions.
Price change was more mixed. Prices rose 1.4 per cent in 2013 across Scotland with the housing market in the city of Aberdeen remaining particularly resilient seeing an increase of 6.8 per cent. This took the average price there to £194,291. The largest percentage fall in price was found in Stirling, which showed a drop of 4.1 per cent with an average price of £144,352.
Registers of Scotland's Head of Data, Hugh Welsh, said: "This is further confirmation of increased activity in the Scottish property market, and reinforces the findings of our most recent quarterly house price statistics. There's been a lot of activity in the property market across all seven cities, but particularly in the capital where the number of sales increased by 24.9 per cent on the previous year."
In 2013 the cumulative total of the residential property market in Edinburgh was in excess of £2bn, up 24.1 per cent on 2012. This figure is still 7.6 per cent lower than the total recorded in 2008. Aberdeen is the only city to have gained ground in the same period being up 11 per cent. As a whole Scotland saw the value of its residential property rise 18 percent year-on-year in 2013 achieving a total market value of £13.2bn, the highest value in five years.
Semi-detached and terraced properties in Aberdeen both showed an increase in average house price in 2013, the biggest increase being in terraced properties at 11.3 per cent, while detached properties decreased by 5.2 per cent. All property types showed an increase in sales volumes across Scotland with terraced housing properties showing the biggest increase in sales volumes up 15.2 per cent.
Issued on March 07, 2014