Residential sales up 26 per cent

The number of residential properties sold in Scotland in the third quarter was up 26.1 per cent on the same period in 2012. Total volumes for October to December of the financial year 2013/14 was 25,579 – the highest recorded for this quarter since quarter three of 2007/08. The average price of property for this quarter was £159,670.

Official statistics were published today by Registers of Scotland, covering all residential sales including those that did not involve a mortgage.

East Renfrewshire is the most expensive place to buy in Scotland, with an average price of £222,906, a rise of 4.8 per cent. The City of Edinburgh had the highest number of sales with 2,951 properties changing hands, up 35 per cent, followed by Glasgow with 2,569, up 24.8 per cent.

East Lothian recorded the highest percentage rise in price, jumping 14.9 per cent to £209,566, compared to the same period last year when the average cost was £182,330.  The largest percentage drop in average house price was in Inverclyde, where values fell by 8.7 per cent to £116,085; but it showed the largest percentage rise in the number of sales with an increase of 44.2 per cent.   This is a small local authority in terms of sales (1.2 per cent of the all Scotland total) so, although Registers of Scotland's statistics only relate to sales between £20,000 and £1 million, the figures can be easily influenced by factors such as a large high value sale or lots of sales at the lower end of the market.

Registers of Scotland's Director of Commercial Services, Kenny Crawford commented:

"The Scottish property market is definitely showing signs of improvement and renewed optimism, possibly partially fuelled by an influx of first time buyers thanks to schemes such as Help To Buy. 

"All property types showed an increase in average house price, the biggest being in detached properties, up 2.2 per cent, with this type showing the biggest increase in sales volumes of 26.3 per cent, followed by terraced properties up 26 per cent."

ENDS

Communications, Registers of Scotland, Meadowbank House, 153 London Road, Edinburgh, EH8 7AU 

To request an interview please telephone Alexandra Wingate on 0131 479 3696 or email communications@ros.gov.uk

Notes to Editors

1. For the full picture and detail, read the Registers of Scotland Official Statistical Report. Information available for comparison includes average house price, median price, number of sales and value of sales by local authority area during the quarter (October – December 2013) as well as the previous quarter and the same period in 2012.

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 whilst 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.

6. Follow us on Twitter @RegistersOfScot or Facebook

Issued on February 04, 2014