02 Feb 2016
Property sales have surged in Edinburgh, West Lothian, Perth and Glasgow, according official statistics published today.
The volume of residential sales in Scotland rose 14.5% in the third quarter of 2015-16 compared to the same period in the previous year, according to official statistics published by Registers of Scotland (RoS).
A total of 28,779 properties were submitted for registration between October and December, the highest volume of sales for any quarter since quarter one of 2008-09.
The average price of a property in Edinburgh, up 3.2% at £233,255, remains the highest in Scotland. A total of 3,532 properties were sold in the city during the quarter, up 21.4% on the same period last year.
It’s a similar picture in neighbouring West Lothian, where sales for the quarter rose 19.7% to 916 – pushing the region’s average property price up by more than 7% to £164,779.
And in Glasgow, sales rose by 19.6 to 3,337 for the quarter. The average home on Scotland’s largest city now costs £140,837, up 8% year on year.
In Perth, sales rose 19.3% to help the region register 864 sales during the quarter. Average prices also rose marginally to £189,716
Stirling property prices have risen by 0.3% to £184,100 on the back of strong sale volumes, which are up 10.6% to 448.
Sales in Aberdeen City slid by 12% to 1,274 for the quarter. Average property prices in the city fared better, down just 1.8% at £214,799.
Prices remained static in Aberdeenshire at £231,704 – although sales fell 5.3% to 1,436.
Bob Fraser, Senior Property Partner at Aberdein Considine, said the third quarter is usually the busiest and therefore accurately reflects the property market.
He said: "The increase in activity is very encouraging and shows the continued recovery in the general Scottish market. Edinburgh continues to improve while areas such as East Ayrshire show a dramatic increase in values indicating a wider geographic spread in activity.
"Particularly heartening is the strength of the flat market which in turn traditionally drives the upper market.
"The north-east figures reflect the downturn in the energy sector but it should be remembered that these figures follow on from an historically high boom market and although they show a decline in terms of these historic values and volumes, they still show a relatively strong market."
The total value of sales across Scotland registered between October and December increased by 16.3% to just under £4.8billion. This represents the highest value of sale for any quarter since quarter one of 2008-09.
The City of Edinburgh remained the largest market with sales of just under £824million for the quarter, an increase of 25.3% on the previous year.
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