Increase in the average price of a residential property but a decrease in the volume of sales, compared with the previous year.
Figures released today by Registers of Scotland show that the 2018 calendar year saw an increase in the average price of a residential property but a decrease in the volume of sales, compared with the previous year. Overall, the market value of Scottish property sales increased in 2018, continuing the upward trend since 2011.
The calendar year residential market review 2018 shows a 3.7 per cent increase in the average price for a residential property in Scotland in 2018, compared with 2017, to £179,121. This continues the generally upward trend seen since 2012. City of Edinburgh and East Renfrewshire showed the highest average prices in 2018 at £266,118 and £259,577 respectively. The largest annual changes were seen in Midlothian, Falkirk and North Lanarkshire, with increases of 8.7 per cent, 8.0 per cent and 8.0 per cent respectively.
There was a 2.3 per cent year-on-year fall in the volume of property sales in Scotland, with 100,998 total sales. Decreases in sales volume were seen in around two-thirds (22) of all local authority areas. Excluding the local authority areas with the lowest sales volumes, East Dunbartonshire and City of Edinburgh showed the largest decreases, with falls of 9.1% and 8.8% respectively. South Lanarkshire and North Ayrshire showed the largest increases in sales volume, with rises of 6.2% and 2.9% respectively.
In Scotland’s city local authorities, Glasgow City recorded the highest volume of sales in 2018, higher than the City of Edinburgh for the first time since 2011. Overall, of the city local authorities, only Dundee City saw an annual increase in sales volumes in 2018 with an increase of 0.1%. Glasgow City and Aberdeen City saw annual decreases of 3.9 per cent and 2.7 per cent respectively.
The value of the Scottish property market increased by 1.3 per cent in 2018, compared with 2017, to £18.1 billion, continuing the upward trend since 2011.
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.
- For the full picture and detail, access the UK HPI and the HPI Scotland. As with other indicators in the Housing Market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
- This is an official statistics publication for Scotland. The statistics presented here on residential property in Scotland have been produced in line with the principles set out in the Code of Practice for Statistics.
- 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. RoS also contributes to the UK House Price Index, in partnership with the Office of National Statistics, HM Land Registry and Land & Property Services Northern Ireland.
- The most recent RoS long-term property market report was published in June 2018, detailing trends in the land and property market since 2007-08.
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