Registers of Scotland publish property market report

The report is based on all property sales, even those which do not involve a mortgage, and so delivers “an insight into what’s going on in the Scottish economy”.

The report’s key findings include steady growth in national average house prices between 2005-06 and 2007-08, with fairly stable prices between 2007-08 and 2013-14 and then an increase in 2014-15.

Other findings of the report include:

• The average prices of all residential property types increased significantly since 2005-06, with terraced properties showing the biggest increase in price across the decade. Flatted dwellings represented the largest share of the market, making up 41.2% of all residential sales in the last 10 years.

• Over the decade, sales volumes decreased by 35.1 per cent, from 142,933 in 2005-06 to 92,798 in 2014-15. Volumes in 2014-15 were the highest since 2007-08 and were up by 6.2 per cent when compared to 2013-14. Volumes for 2014-15 still remained 38.7 per cent below the 10 year high achieved in 2006-07.

• The number of sales being registered with a mortgage in 2014-15 fell by 45 per cent when compared with 2005-06, and rose by 9.5 per cent when compared with 2013-14. Cash sales now equate to 35.6 per cent of the market, as compared to 17.6 per cent in 2005-06.

Kenny Crawford, director of commercial services at Registers of Scotland, said: “The volume of statistical data available to Registers of Scotland is demonstrated in this 10-year property market report.

“During the course of the last 10 years covered by this report, the Scottish property market has seen a mix of highs and lows.

“Despite the financial crash of 2007-08, the final quarter of 2014-15 achieved the highest average price of the decade at £173,830, and the number of residential properties sold for over a million pounds increased by 70 per cent.

“While prices rose, volumes fell, down 35 per cent in ten years. The number of sales being registered with a mortgage in 2014-15 fell by 45 per cent when compared with 2005-06, and rose by 9.5 per cent when compared with 2013-14. Cash sales now equate to 35.6 per cent of the market, as compared to 17.6 per cent in 2005-06.”