Property market report 2021-22
Published: 28 June 2022A long-term statistical review of the Scottish property market.
Documents
Property market report 2021-22 (full) - (1.1 MB)Data tables - Property market report 2021-22 - (405.7 KB)
Infographic - Property market report 2021-22 - (494.3 KB)
Main findings
Table of contents
- Introduction
- Residential market, sales from £20,000 to £1 million
- House type and price band
- New build residential market
- High value residential market, sale price of more than £1 million
- City residential market
- Mortgage market
- Non-residential overview
- Residential property sales by urban rural classification
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.