Total value of the residential sales market in Scotland from 2007-08 to 2017-18 was £161.3 billion.
The sixth annual publication of Registers of Scotland’s Property Market Report, which provides an overview of a key aspect of the Scottish economy, shows that the total value of the residential sales market in Scotland from 2007-08 to 2017-18 was £161.3 billion.
The newly published report details the trends in the Scottish land and property market from the pre-financial crisis period in 2007-08, through the subsequent economic downturn, to the latest trends in sales volumes and prices up to 2017-18.
RoS’ Business Development and Information Director, Kenny Crawford said: “The Scottish property market is a significant component of the Scottish economy. In 2017-18, the total value of residential sales alone was £17.9 billion, an increase of 7.8 per cent when compared with 2016-17.
“We’ve also seen an increase in average house prices, up 13.2 per cent when comparing 2017-18 with 2007-08. Overall, house prices remained relatively stable until 2012-13, but have been generally increasing since then.
“The volume of residential sales in 2017-18, at 102,430, remains substantially lower than the 149,145 sales recorded in the pre-financial crisis period in 2007-08. However volumes in 2017-18 were the highest since 2007-08 and have been increasing year on year from the recent low of 70,507 in 2011-12.”
RoS’ property price statistics are compiled using data collected as part of the land registration process. This data is comprehensive, covering transactions across the whole of Scotland for all types of property sales, in residential and non-residential markets, and with actual sale prices, not just valuations. The statistics in the Property Market Report 2007-08 to 2017-18 cover values, volumes and prices in the different sectors, broken down by local authority area. For the housing market, the report provides an overview of trends in cash and mortgage-financed sales volumes, the market within Scotland’s seven cities, sales of properties within new-build developments and trends by house type.
Further key findings revealed in the report over the period 2007-08 to 2017-18 include:
- new-build property sales accounting for 11.7 per cent of the all-Scotland sales in 2017-18, with a total of 11,969 sales.
- the proportion of residential sales being registered with a mortgage fell from 84.5 per cent in 2007-08 to 68.3 per cent in 2016-17.
- non- residential(1) sales had a total market value of £4.3 billion in 2017-18.
- the annual volume of commercial leases decreased by 38.5 per cent between 2007-08 and 2017-18, decreasing from 1,178 in 2007-08 to 725 in 2017-18
Notes to editors
- 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.
- While previous reports in the series have provided a ten year overview, following user feedback, we have extended the period of the review to include 2007-08 for comparison with pre-financial crisis levels. References to the reporting period throughout Property Market Report relate to the period of financial years 2007-08 to 2017-18. For the full detail, read the Registers of Scotland Property Market Report 2007-08 to 2017-18.
- 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. Find out about the methodology used.
- 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). This methodology is outlined in our guidance notes.
- 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.
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(1) Includes commercial, land, agriculture and forestry sales.