Property market report 2022-23

Documents

Main findings

Introduction

Below are the main findings of the Property market report 2022-23.

More charts and visualisations of the data are also available via our Tableau page.

Previous reports are available.

Residential market, sales from £20,000 to £1 million

In 2022-23:

• the total number of residential property sales was 101,055, a decrease of 7.9% when compared with 2021-22
• the average price of a residential property in Scotland was £216,337, an increase of 7.1% when compared with 2021-22
• the total value of the residential sales market in Scotland was £21.9 billion, a decrease of 1.4% when compared with 2021-22

Volume and average price of residential property sales, Scotland, 2003-04 to 2022-23, financial year data.

More information on this section is available in chapter 01 of the full report .

House type and price band

In 2022-23:

• detached properties had the highest average price of all house types, £330,917, and the largest share of the residential sales market, 29%, with a sales value of £6.3 billion
• flats had the lowest average price, £158,241, and the second largest share of the residential sales market, 27%, with a sales value of £5.8 billion
• 69% of residential sales had a price between £20,000 and £250,000

Average residential property price by house type, Scotland, 2003-04 to 2022-23, financial year data.

More information on this section is available in chapter 02 of the full report.

New build residential market

In 2022-23:

• there were 12,356 new build residential property sales in Scotland, 7.2% more than in 2021-22; 12% of residential property sales in Scotland were new builds
• the average price for a new build residential property in Scotland was £308,158, 8.0% higher than 2021-22; in the last 10 years the average price for a new build residential property has increased by 47% compared with 40% for all residential properties
• the value of the new build residential property market in Scotland was £3.8 billion

Volume and average price of new build residential property sales, Scotland, 2003-04 to 2022-23, financial year data.

More information on this section is available in section 03 of the full report.

High value residential market, sale price of more than £1 million

In 2022-23:

• there were 427 high value sales in Scotland, an increase of 9.2% when compared with 2021-22
• of the properties that sold for over £1 million, 92% of the sales were under £2 million and 73% were under £1.5 million
• market value was £607.7 million, a new high and an increase of 11% when compared with 2021-22

Volume of residential property sales more than £1 million, Scotland, 2003-04 to 2022-23, financial year data.

More information on this section is available in section 04 of the full report.

City residential market

In 2022-23:

• 31% of all residential properties sold in Scotland were located within one of Scotland’s eight cities; Dunfermline was awarded city status in 2022
• the average price paid for a residential property within one of Scotland’s cities was £226,599
• the market value for residential sales in all seven cities was £7.1 billion, compared with £22 billion across the whole of Scotland

Percentage of city residential property sales transactions and market value by city, 2022-23, financial year data.

More information on this section is available in section 05 of the full report.

Residential property sales by urban rural classification

In 2022-23:

• 80% of residential property sales in Scotland were in urban areas and 20% in rural areas
• the average price in urban areas of Scotland was £202,588 compared with £271,436 in rural areas; this may reflect differences in the mix of house types sold

For the last two years combined, 2021-23:

• City of Edinburgh had the highest residential average price in urban areas of Scotland, £302,565, and Inverclyde had the lowest, £127,817
• East Renfrewshire had the highest residential average price in rural areas, £387,127, and Na h-Eileanan Siar had the lowest, £148,182

Average residential property price by 8-fold urban rural classification 2020, Scotland, 2019-20, 2020-21, 2021-22 and 2022-23, financial year data.

More information on this section is available in section 06 of the full report.

Mortgage market

In 2022-23:

• the volume of residential sales with a mortgage was 66,125, accounting for 65% of the residential market
• the volume of residential cash sales was 34,930, accounting for 35% of the residential market and the highest proportion of cash sales recorded in the 20-year time series
• the volume of all mortgage securities registered by RoS across all property types, including both mortgage sales and remortgage/additional borrowing, was 110,628, a decrease of 6.7% from 118,581 mortgage securities in 2021-22

Percentage of residential property sales transactions by funding status, Scotland, 2003-04 to 2022-23, financial year data.

More information on this section is available in section 07 of the full report.

Non-residential overview

In 2022-23:

• non-residential sales had a total market value of £3.8 billion; of this total:
  • 74% were commercial sales
  • 14% related to sales of land
  • 7% were agricultural sales
  • 5% were forestry sales
• there were 4,223 commercial sales, an increase of 3.5% from the previous year
• there were 848 commercial leases, a slight decrease of 0.6% from the previous year

More information on this section is available in section 08 of the full report.

Median overview

The section overviews above have used the arithmetic mean (excluding sales below £20,000 and above £1 million) as the measure of average house price. However, medians are another useful measure of average house prices and the analysis of medians and the distribution of prices will be developed further in future reports.

In 2022-23:

• the median house price in Scotland was £185,000, an increase of 8.2% from 2021-22
• the majority of residential sales (60% of sales) were between £105,000 and £310,000; five years ago, in 2017-18, the majority of residential sales were between £83,500 and £245,000

Distribution of house prices in Scotland, 2022-23 (by bands of £25k)

More information on this section is available in section 09 of the full report.

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