Scottish property market shows sustained growth
The Scottish property market has shown sustained growth over the past year, according to official statistics published today by Registers of Scotland.
The number of residential properties sold in Scotland in the first quarter was up 22.4 per cent on the same period in 2013. From April to June this year, 24,351 properties changed hands – the highest recorded for this quarter since 2008/09 – while the average price of property was £162,122. 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 fourth consecutive quarter that volumes have increased in excess of 22% on the previous year, demonstrating sustained growth in the Scottish property market. All local authorities showed an increase in sale volumes, with the exception of Aberdeen City, which decreased by 2.1 per cent.
"It's also the first time in almost four years that we've seen the average house price rise by more than 5 per cent, bringing the average residential property price to £162,122."
Renfrewshire recorded the highest percentage rise in average price compared with the same quarter of the previous year, up 16.8 per cent to £128,138. The largest percentage fall in price was in Midlothian, which dropped 6.3 per cent to an average price of £169,014. East Renfrewshire recorded the highest average at £232,987, an increase of 10.0 per cent on last year.
The total value of sales across Scotland registered in the quarter increased by 29.7 per cent compared to the previous year to just under £3.95 billion. The City of Edinburgh remains the highest value market with total sales of just under £670 million for the quarter, an increase of 39.4 per cent compared with the same quarter last year.
All property types showed an increase in average house price in this quarter, the biggest increase being in flatted properties at 5.3 per cent. The largest sales volumes came from detached properties, which went up by 23.3 per cent on the previous year.
Communications, Registers of Scotland, Meadowbank House, 153 London Road, Edinburgh, EH8 7AU
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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 (April – June 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 July 29, 2014