Housing market hits £148.2 billion in 10 years
The total value of the residential sales market in Scotland from 2006 to 2016 was just over £148.2 billion, according to a new report published today by Registers of Scotland (RoS).
The fourth annual publication of RoS' 10-year property market report details the trends in the land and property market over the decade's peak years, and in the wake of the economic downturn.
Kenny Crawford, RoS' director of commercial services, said: "The Scottish property market is a significant contributor to the Scottish economy. In 2015-16, the total value of residential sales alone was £16.7 billion.
"We've also seen an increase in average house prices over the decade, up 19.7 per cent between 2006-07 and 2015-16, from £139,207 to £166,624. This compares to a rise in median gross annual earnings of 22.6 per cent between 2006 and 2015."
Supported by official statistics, RoS' 10-year property market report draws data from every property transfer in Scotland, including those that do not include a mortgage, making this the most comprehensive property transaction report in the country.
Further key findings revealed in the report over the last ten years include:
- a 16.9 per cent increase in the number of residential properties sold for over a million pounds
- a drop of 36.9 per cent in the number of sales being registered with a mortgage
- an increase in commercial leases, from 908 in 2006-07 to 3,026 in 2015-16
The RoS 10-year report is free to download.
Communications, Registers of Scotland, Meadowbank House, 153 London Road, Edinburgh, EH8 7AU
For further information, please telephone Alexandra Wingate on 0131 479 3696 or email email@example.com.
Notes to editors
- For the full picture and detail, read the Registers of Scotland 10-Year Property Market Report 2006-2016.
- 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.
- 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).
- RoS began compiling quarterly statistics on the housing market with the completion of the extension of the Land Register to all counties in Scotland in April 2003.
- 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.
- These figures cover all residential sales, including sales for cash not involving a mortgage. Approximately 25 per cent of sales fall into this category.
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