06 Jun 2017

Scotland's house prices have increased by nearly 8%

Scotland's house prices have increased by nearly 8%

The total value of house sales in Scotland during the last decade broke through the £140billion barrier, reflecting continued improvement in the market.

House prices increased by nearly 8% over the period from April 2007 to March 2017. The average value in 2007-08 was £154,810, while in 2016-17 it hit £166,681.

These figures have just been published by the Registers of Scotland (RoS) in its latest 10-year property market report.

Sheenagh Adams, Keeper of the RoS, said the past 10 years had been an eventful period for the Scottish property market.

She explained: "The decade was characterised by the dramatic fall of 2008 and subsequent recovery. Whilst residential house price averages increased by 7.7% during this time, the total value of the market over the decade, at £143.4billion, represents a reduction of around £5billion on the previous 10-year period."

RoS said that, from the lowest point in the market in 2009-10 to 2016-17, the average price rose by 10% from £151,490.

East Renfrewshire had the greatest increase in average price when comparing 2015-16 with 2016-17, up 7.9% from £224,044 to £241,817.

Over the 10 years, the highest rise in average price was also in East Renfrewshire, with an increase of 17.4% from £206,041.

The City of Edinburgh held the highest average price across most of the decade, with the exception of only two years. 

In 2013-14, both Aberdeenshire and East Renfrewshire surpassed the capital with average prices of £218,088 and £217,515 respectively, as compared with £216,936 in the City of Edinburgh. Then, In 2016-17, East Renfrewshire recorded an average price of £241,817, compared to the City of Edinburgh at £237,441.

Looking at the Scottish volume of sales, over the five years since the 10-year low of 70,510 in 2011-12, the figure had risen by 42.2%. Volumes in 2016-17 were the highest since 2007-08.

Glasgow City local authority area had the highest volumes across the decade, with 105,118 sales accounting for 11.6% of the market. The City of Edinburgh was second with 101,117 sales.

Meanwhile, RoS said the City of Edinburgh’s local authority area consistently held the biggest share of the £1million-plus market across the decade, with 747 sales in this price bracket - just over half of the all-Scotland high-value figure.

Aberdeen City was the local authority area with the next biggest share, with 122 sales over the decade.

RoS business development and information director Kenny Crawford said: “The Scottish property market is a significant component of the Scottish economy. In 2016-17, the total value of residential sales alone was £16.7billion - an increase of 1% when compared with 2015-16."

Scotland's property experts

If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.

We are also an independent broker of mortgages and can offer home loans without any hidden fees.

If you would like to speak to a member of our team, call 0333 0066 333 or click here.

* Your home may be repossessed if you do not keep up repayments on your mortgage.


Please correct the errors below before submitting your request:

Get in touch

Our dedicated client contact team prefer to receive enquiries through our contact form. We'll endeavour to get back to you within 24 hours or during the course of the next working day.

Source of enquiry