Volume of residential sales up 14.5 per cent

Published: 02 February 2016

The volume of residential sales in Scotland rose 14.5 per cent in the third 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 28,779 properties were submitted for registration between October and December, the highest volume of sales for any quarter since quarter one of 2008-09.

RoS' commercial services director, Kenny Crawford, said: "As well as a significant increase in the volume of sales this quarter, prices have reached their highest since RoS began compiling quarterly statistics in 2003. This increase is more modest, up 1.6 per cent to £167,734. Combined, this indicates  a more robust and active property market."

The highest percentage rise in volume of sales was recorded in Midlothian, with an annual increase of 30.2 per cent to 539 residential sales compared with the same quarter last year. The City of Edinburgh recorded the highest volume of sales at 3,532, up 21.4 per cent, while the largest percentage  drop in volumes was in Aberdeen City, which showed a fall of 12 per cent to 1,274 residential sales.

In terms of price, the highest percentage rise was in Inverclyde, where prices climbed 13.1 per cent to £132,382. The City of Edinburgh held the highest average at £233,255, a rise of 3.2 per cent on the previous year. The largest percentage fall was in Dumfries and Galloway, which showed a drop of  9.9 per cent to an average price of £130,275.

The total value of sales across Scotland registered between October and December increased by 16.3 per cent to just under £4.83 billion. This represents the highest value of sale for any quarter since quarter one of 2008-09.

The City of Edinburgh remained the largest market with sales of just under £824 million for the quarter, an increase of 25.3 per cent on the previous year. East Ayrshire recorded the highest increase in value with sales of over £66 million, up 33.9 per cent. Aberdeen City had the largest decrease in  overall market value, down 13.6 to over £273 million on last year.

All property types showed an increase in sales volumes, with flats showing the biggest increase at 18.4 per cent. In terms of prices, flats were the only property type to show an increase in average house prices, up 0.6 per cent to £130,679. Detached, semi-detached and terraced properties all saw decreases  in average prices, of 0.3 per cent, 1.4 per cent, and 3.5 per cent respectively.

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. Information available for comparison includes average house price, median price, number of sales and value of sales by local authority area during the quarter (October to December 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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