Property market report 2021-22

Documents

Main findings

Introduction

Below are the main findings of the Property market report 2021-22.

The following are available from the documents section:

• full property market report
• 2021-22 data tables
• infographic summary

Visualisations of the data are also available.

Fewer transactions were received by Registers of Scotland (RoS) in the first quarter of 2020-21 because of the introduction of government measures to reduce the spread of the coronavirus, COVID-19. Use caution when comparing 2020-21 with 2021-22 and with previous periods.

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

In 2021-22:

• the total number of residential property sales registered with RoS was 110,248, an increase of 16% when compared with 2020-21, and a decrease of 26% when compared with the peak year of 2006-07 (149,943 sales)
• the average price of a residential property in Scotland was £201,744, the highest average price across all the years of this report between 2003-04 and 2021-22, and an increase of 4.0% when compared with the 2020-21 average price of £194,060
• the total value of the residential sales market in Scotland was £22.2 billion, an increase of 20% when compared with 2020-21

House type and price band

In 2021-22:

• flats showed the largest volume of residential sales of all house types, with 43,719 sales
• detached properties had the highest average price of all house types, £307,758, and the largest share of the residential sales market, 29%, with a sales value of £5.2 billion
• flats had the second largest share in terms of market value, with a market value of £5.0 billion and a 28% share
• 74% of residential sales had a price between £20,000 and £250,000

New build residential market

In 2021-22:

• there were 11,586 new build residential property sales in Scotland, 28% more than in 2020-21
• 11% of the 110,248 residential property sales in Scotland were new builds
• the average price for a new build residential property in Scotland was £285,187, a 6.4% increase when compared with the previous year, when the average price was £268,064; in the last 10 years the average price for a new build residential property has increased by 36% compared with 31% for all residential properties
• the value of the new build residential property market in Scotland in 2021-22 was £3.3 billion

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

In 2021-22:

• there were 392 high value sales in Scotland, an increase of 54% when compared with 2020-21
• high value residential sales accounted for 0.4% of all residential property sales in Scotland
• the average price of a property sold for over £1 million was £1.4 million, almost the same as 2020-21
• the market value of the over £1 million market was £552.8 million, a new high from the previous peak of £371.0 million in 2019-20 and an increase of 55% when compared with 2020-21

City residential market

In 2021-22:

• 28% of all residential properties sold in Scotland were located within one of Scotland’s seven cities
• the average price paid for a residential property in one of Scotland’s cities was £212,152, 5.2% higher than the Scotland average price
• the market value for residential sales in all seven cities was £6.5 billion, compared with £22.2 billion across the whole of Scotland; the market value for residential sales in all 7 cities has increased by 25% when compared with 2020-21, with an increase of 20% for the whole of Scotland

Mortgage market

In 2021-22:

• 74,631 residential sales were registered with a mortgage, 68% of the residential market
• 35,617 cash sales were registered, 32% of the residential market, the highest volume recorded in the time series
• the volume of all mortgage securities registered by RoS across all property types, including both mortgage sales and remortgage/additional borrowing, was 119,522, an increase of 15% from 104,303 mortgage securities in 2020-21

Non-residential overview

In 2021-22 non-residential sales had a total market value of £4.3 billion; of this total:

• 77% were commercial sales
• 12% related to sales of land
• 7% were agricultural sales
• 4% were forestry sales

In this period there were

• 4,377 commercial sales, an increase of 26% from the previous year
• 669 commercial leases, an increase of 52% from the previous year

Residential property sales by urban rural classification

In 2021-22:

• 84% of residential property sales in Scotland were in urban areas and 16% in rural areas
• the average price in urban areas of Scotland was £176,172 compared with £228,899 in rural areas

For the last two years combined, 2020-22:

• City of Edinburgh had the highest average price in urban areas of Scotland at £291,480 and Inverclyde had the lowest at £126,817
• East Lothian had the highest average price in rural areas at £327,969 and Na h-Eileanan Siar had the lowest at £147,844
• Local Authority analysis uses two financial years of residential sales combined.

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Footnotes

1. The analysis of the volume of residential sales by house type is based on figures where unassigned sales have been allocated to house types using historic data.↩
2. Local Authority analysis uses two financial years of residential sales combined.↩