The Scottish property market is showing its first real signs of recovery since the economic downturn in 2008 according to a long term report issued by the Registers of Scotland which reviews the market trends from 2004 to 2014.
The key findings are as listed below :-
- Residential house prices grew steadily between 2004 and 2007.
- On average residential house prices over the decade increased by 36.9%. The average price in 2004-5 was £115,056, while in 2013-14 it was £157,476. The average price over the financial year 2013-14 was the highest in the decade.
- Between 2004 and 2014 the number of residential properties sold for over one million pounds has more than doubled. In Scotland’s seven cities volumes are now at their highest level for five years.
- In terms of volume the height of the market was in the second quarter of 2007-8 with 42,493 residential sales applications. The lowest volume of sales was 11,787 in the fourth quarter of 2008-9.
- Over the decade, residential sales volumes decreased by 32.3% from 129,276 in 2004-5 to 87,475 in 2013-14. Volumes in 2013-14 are the highest since 2007-8 and are up by 19.8% when compared to 2012-13. The final three quarters of 2013-14 all showed volume increases in excess of 20% compared with the same periods of the previous year.
- The year on year value of total sales grew by 22.2% to £13.8bn in 2013-14.
- Flats have represented the largest share of the property market, making up 40% of all residential sales over the last decade
- The number of sales being registered with a mortgage in 2013-14 fell by 46.3% when compared with 2004-5. This is also down by 53% on the height of the market in 2006-7.
- Title coverage in Scotland via the registration of properties in the Land Register now stands at 57.4%. This represents almost 26% of the land mass in Scotland. The Land Register County of Renfrew has the highest coverage with 76.1% of titles being registered, while Ross and Cromarty has the lowest at 36.7%
- The total value of residential sales in Scotland since 2004 is £148.7bn, contributing an average of almost £14.9bn a year to the Scottish economy.
Registers of Scotland Director of Commercial Services Kenny Crawford said “It’s been an interesting decade for the Scottish property market, which is now showing real signs of recovery since the economic downturn in 2008.”
If you are thinking about buying or selling anywhere in Scotland we can help. Please contact Alison Gourley by email email@example.com or by phone 0141 552 3422.