07 Aug 2014

Scottish Property Market Update – Recent Registers of Scotland Figures

Scottish Property Market Update – Recent Registers of Scotland Figures

Eleanor Ilett, Trainee Solicitor, takes a look at the latest figures released by Registers of Scotland and discusses what this means for the property market six years after the financial crash.

Eleanor Ilett, Trainee Solicitor, takes a look at the latest figures released by Registers of Scotland and discusses what this means for the property market six years after the financial crash.

House sales have continued to show steady and continued growth in 2014 according to new figures just released by Registers of Scotland. Registers of Scotland’s official statistics confirm that the Scottish property market has continued to grow over the last year. The Scottish Minister for Housing and Welfare, Margaret Burgess, has said that the figures prove that, six years after the financial crash, the housing market in Scotland is showing real signs of recovery, which is positive news for both those buying and selling properties as well as those working in the property industry.

The statistics show that the number of residential properties sold in Scotland is over 22 percent higher in the first quarter of 2014 compared to the same period in 2013.  Furthermore, the number of properties sold in the period from April to June of this year - 24,351 - was the highest recorded since 2008/09. This is the fourth consecutive quarter where the number of properties sold has continued to increase in comparison to 2013.  The only local authority which has failed to achieve an increase in sale volumes this quarter compared to the same period in 2013 has been Aberdeen City.  Renfrewshire was the local authority which recorded the highest percentage rise in the average house price this quarter compared to the same period in 2013.

The average residential property price is now sitting at £162,122 and this is the first time in almost four years where the average house price has risen by more than 5 percent from the previous year.  Flatted properties in particular have seen the greatest increase in average sale prices compared to other types of properties.  Detached properties have accounted for the largest number of sales compared to other property types.

The continued growth in the Scottish property market appears to have resulted in the Scottish public having an increased confidence in the market.  Recent research carried out by Zoopla indicates that 90 percent of people in Scotland expect that property prices will continue to rise in the next six months.

Eleanor Ilett, Trainee Solicitor


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