A decade of Scottish land registration data is available, following the third publication of the 10-year property market report by Registers of Scotland(RoS). Covering 2005 to 2015, the report details the trends in the land and property market over the peak years and in the wake of the economic downturn.
Registers of Scotland data is based on all property sales, even those which do not involve a mortgage, and as such the RoS 10-year property market report provides a highly comprehensive picture of the sector.
Key findings revealed in the 10-year property market report include:
- Nationally, average residential house prices grew steadily between 2005-06 and 2007-08, with fairly stable prices between 2007-08 and 2013-14, and then an increase in 2014-15.
- The average prices of all residential property types increased significantly since 2005-06, with terraced properties showing the biggest increase in price across the decade. Flatted dwellings represented the largest share of the market, making up 41.2% of all residential sales in the last 10 years.
- Over the decade, sales volumes decreased by 35.1%, from 142,933 in 2005-06 to 92,798 in 2014-15. Volumes in 2014-15 were the highest since 2007-08 and were up by 6.2% when compared to 2013-14. Volumes for 2014-15 still remained 38.7% below the 10 year high achieved in 2006-07.
- The number of sales being registered with a mortgage in 2014-15 fell by 45% when compared with 2005-06, and rose by 9.5% when compared with 2013-14. Cash sales now equate to 35.6% of the market, as compared to 17.6% in 2005-06.
Registers of Scotland director of commercial services Kenny Crawford commented:
"The volume of statistical dataavailable to Registers of Scotland is demonstrated in this 10-year property market report. During the course of the last 10 years covered by this report, the Scottish property market has seen a mix of highs and lows. Despite the financial crash of 2007-08, the final quarter of 2014-15 achieved the highest average price of the decade at £173,830, and the number of residential properties sold for over a million pounds increased by 70 per cent. While prices rose, volumes fell, down 35 per cent in ten years. The number of sales being registered with a mortgage in 2014-15 fell by 45% when compared with 2005-06, and rose by 9.5% when compared with 2013-14. Cash sales now equate to 35.6% of the market, as compared to 17.6% in 2005-06. Activity in the property market gives us an insight into what's going on in the Scottish economy, which is possible thanks to Registers of Scotland's digital Land Register."
The full report can be accessed here.