Volume of residential sales up 6.5 per cent

Published: 27 October 2015

The volume of residential sales in Scotland rose 6.5 per cent in the second quarter of 2015-16 compared to the same period in the previous year, according to official statistics published today by Registers of Scotland (RoS).

A total of 28,019 properties were submitted for registration between July and September, the highest volume of sales for any quarter since quarter one of 2008-09.

RoS' business development director, John King, said: "As well as a significant increase in the volume of sales, we've seen the total value of sales across Scotland rise by 6 per cent on the previous year to £4.74 billion. Like volumes, this represents the highest value of sales for any quarter since  quarter one of 2008-09.

"By comparison, prices are largely unchanged, with the average property price at £169,397, a decrease of 0.5 per cent compared to the previous year. The variation across local authority areas is fairly consistent, with the largest decrease at 4.4 per cent. This is shared by Angus and East Lothian,  which saw house prices fall to £155,303 and £213,870 respectively."

West Lothian recorded the highest percentage rise in the volume of sales, with an annual increase of 23.1 per cent to 905 residential sales. The highest figure was in the City of Edinburgh, which rose 9.6 per cent to 3,530 individual sales. Aberdeenshire showed the largest percentage fall in volumes,  down 13.5 per cent to 1,437.

The City of Edinburgh was the largest overall market, with sales of over £805 million for the quarter, an increase of 6.2 per cent on the previous year. West Lothian recorded the highest increase in value with sales of over £148 million, up 31.5 per cent. The largest decrease in market value was seen  in Aberdeenshire, down 16.6 per cent to just over £323 million compared to the same quarter last year.

Semi-detached houses were the only property types that showed an increase in prices over the quarter, up 2.0 per cent to £159,854. Detached, terraced and flatted properties were all down: detached by 0.9 per cent to £245,547, terraced by 3.1 per cent to £137,607, and flatted by 2.4 per cent to £134,377.

These statistics cover all residential sales, including those that did not involve a mortgage.

ENDS

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

For further information,  please telephone Barry Connolly on 0131 528 3792 or email communications@ros.gov.uk.

Notes  to editors

  1. For the full picture and detail, read the Registers of Scotland Official Statistical Report at ros.gov.uk/property-data/property-statistics/quarterly-house-price-statistics. Information available for comparison includes average house price, median price, number of sales and value of sales by    local authority area during the quarter (July to September 2015), as well as the previous quarter and the same period in 2014.
  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. 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.
  5. 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.
  6. 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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