Registers of Scotland have released a new report which gives an interesting insight into property market trends over the past ten years. It reveals that the total value of the residential sales market in Scotland from 2007-08 to 2016-17 reached over £143.4 billion.
“The Scottish property market is a significant component of the Scottish economy” explained RoS business development and information director Kenny Crawford. “In 2016-17 the total value of residential sales alone was £16.7 billion, an increase of 1.0% compared with 2015-16”
Mr Crawford further states that “We’ve also seen an increase in average house prices over the decade, up 7.7% when comparing 2016-17 with 2007-08.”
“Overall house prices remained relatively stable across each year of the decade, with the exception of a more pronounced year on year increase between 2013-14 and 2014-15.
Other report findings include:
- New-build property sales accounted for 12% of the all Scotland sales in 2016-17 with a total of 12,014 sales
- There was a 36.2% decrease in the number of residential properties sold for over a million pounds when comparing 2007-08 with2016-17 although this should be seen in the context of a drop of 32.8% in total sales volumes between these years.
- A drop of 30.3% in the number of sales being registered with a mortgage when comparing 2007-08 with 2016-17
- A market value of £4.1 billion for non residential sales in 2016-17
- A 5.3% increase in the volume of commercial leases from 905 in 2015-16 to 953 in 2016-17
Latest data from Halifax shows that there has been a 3% fall in property sales between March and April 2017 to 99,910. This followed three successive months when sales were above 100,000.
According to the Halifax supply continues to be an issue for the housing market. The number of properties coming on to the market fell for the 14th consecutive month in April which kept the average stock levels on estate agent’s books close to a historic low.
If I can help you with buying or selling a property in Scotland then please contact me, Alison Gourley, by email on ajg@mitchells-roberton.co.uk or by telephoning 0141 552 3422.