Cash house sales over £500,000 up 20 per cent

The number of cash sales on houses worth over half a million pounds was up 19.6 per cent in 2014, according to figures from Registers of Scotland (RoS).

A total of 599 homes that were sold for upwards of £500,000 were paid for in cash last year, compared to 501 in 2013.

The City of Edinburgh had the highest cash sales volume in 2014, with 254 residential properties. Aberdeen City had the second highest with 50, while Glasgow City came in third with 34.

Kenny Crawford, director of commercial services at RoS, said:

"These figures indicate an increase in cash-rich buyers at the high end of the property market, particularly in Edinburgh, which had the same number of high-value cash sales as the remaining top ten areas combined.

"Across Scotland, 32.4 per cent of homes worth over £500,000 were paid for in cash last year, compared to 34.4 per cent in 2013. The picture with properties over £1m is very different, with cash sales accounting for 48.9 per cent of the market in 2014 compared to 42.3 per cent the previous year."

In 2013, 47 homes over £1m were paid for in cash. This rose to 65 in 2014.

Aberdeen City had the most expensive individual cash sale at £3.07m. This was also the highest value sale to be registered in 2014 across all transactions, including those which included mortgages.

The second most expensive individual cash sale was in East Lothian at £3m, while the third highest was in Fife, costing £2.6m.

ENDS

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

For more information or to request an interview, please phone Alexandra Wingate on 0131 479 3696 or email communications@ros.gov.uk.

Notes to editors

  1. Registers of Scotland (RoS) is the non-ministerial 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.
  2. A 'cash sale' is every application for registration of a market value transfer of a residential property which is not accompanied by a mortgage application, or for which a mortgage application had not been submitted by 17 March 2015.
  3. These figures cover all residential cash sales over £500,000.
  4. This table shows the number of cash sales over £500,000:

Local authority cash sales

2013

2014

% change

City of Edinburgh

205

254

23.90%

Aberdeen City

34

50

47.06%

Glasgow City

29

34

17.24%

Fife

17

33

94.12%

Perth and Kinross

18

29

61.11%

East Lothian

31

28

-9.68%

Aberdeenshire

18

25

38.89%

East Renfrewshire

25

21

-16.00%

Scottish Borders

18

18

0.00%

Highland

12

16

33.33%

South Lanarkshire

9

13

44.44%

East Dunbartonshire

17

12

-29.41%

Stirling

17

9

-47.06%

Argyll and Bute

10

8

-20.00%

South Ayrshire

5

7

40.00%

Dumfries and Galloway

8

5

-37.50%

North Lanarkshire

2

5

150.00%

West Lothian

1

5

400.00%

Clackmannanshire

1

4

300.00%

Moray

2

4

100.00%

Renfrewshire

3

4

33.33%

Angus

5

3

-40.00%

Dundee City

0

3

N/A

Inverclyde

2

2

0.00%

Midlothian

9

2

-77.78%

North Ayrshire

2

2

0.00%

West Dunbartonshire

1

2

100.00%

East Ayrshire

0

1

N/A

Total

501

599

19.56%

5. This table shows the top ten highest cash sales for 2014:

Consideration

Postcode area

Local authority

£3,070,000

AB15 4

Aberdeen City

£3,000,000

EH41 3

East Lothian

£2,600,000

KY16 9

Fife

£2,250,000

EH9 2

City of Edinburgh

£2,160,000

AB15 9

Aberdeen City

£2,150,000

EH10 6

City of Edinburgh

£2,100,000

PH3 1

Perth and Kinross

£1,957,800

EH3 6

City of Edinburgh

£1,900,000

EH10 6

City of Edinburgh

£1,850,000

ML11 9

South Lanarkshire

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