Scottish house sales at highest volume since 2008 as prices go up
Registers of Scotland statistics suggest 'a more robust and active property market'.
Scottish property sales have reached their highest volume since 2008, according to a new report.
Figures from the Registers of Scotland (RoS) also show prices have reached their highest point in more than a decade, reflecting a “more robust” property market.
The report, published on Tuesday, reveals the volume of residential sales in Scotland rose 14.5% in the third quarter of the 2015 to 2016 financial year, compared to the same period in the previous year.
A total of 28,779 properties were submitted for registration between October and December 2015. This was the highest volume of sales for any quarter since April to June 2008.
Kenny Crawford, commercial services director at RoS, said: “As well as a significant increase in the volume of sales this quarter, prices have reached their highest since RoS began compiling quarterly statistics in 2003.
"This increase is more modest, up 1.6% to £167,734. Combined, this indicates a more robust and active property market.”
The RoS statistics cover all Scottish residential sales between £20,000 and £1m, including those that did not involve a mortgage.
The highest percentage rise in volume of sales was recorded in Midlothian, with an annual increase of 30.2% to 539 sales.
Edinburgh recorded the highest volume of sales at 3,532, up 21.4%, while the largest percentage drop in volumes was in Aberdeen, which showed a 12% fall to 1,274 residential sales.
The most substantial house price rise was in Inverclyde, where prices hiked 13.1% to £132,382.
Edinburgh held the highest average price at £233,255, a rise of 3.2% on the previous year.
Glasgow’s average prices went up 8.6% to £140,837.
The largest fall was in Dumfries and Galloway, which showed a drop of 9.9% to an average price of £130,275.
The total value of sales across Scotland registered between October and December increased by 16.3% to just under £4.83bn.
This reflects the highest value of sale for any quarter since the first quarter of 2008-09, around the time of the economic crash.
Edinburgh remained the largest market with sales of just under £824m for the quarter, an increase of 25.3% on the previous year.
East Ayrshire experienced the highest increase in value, with sales of over £66m up 33.9%.
Aberdeen had the largest drop in overall market value, down 13.6% to over £273m on last year.
The boost in sales was reflected across all property types, however flats showed the biggest increase at 18.4%.
Flats were the only property type to show an increase in average house prices, up 0.6% to £130,679.
There were drops in the average prices for detached, semi-detached and terraced properties, which were down 0.3%, 1.4%, and 3.5% respectively.