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Annual Review of Scottish Residential Property Market

Registers of Scotland (RoS) has published its 2017 Property Market Review, which shows that the average price of a residential property in Scotland rose compared to the previous year, and that there were also increases in the volume and market value of property sales.

According to the report, there was a 4% increase in the average price for a residential property in Scotland in 2017 compared to 2016, taking the average price to £172,779. This apparently continues the generally upward trend seen since 2012.

East Renfrewshire and the City of Edinburgh showed the highest average prices in 2017 at £252,870 and £249,651 respectively. The largest annual changes were seen in South Lanarkshire and Glasgow City, with increases of 8.6% and 7.8% respectively.

There was a 4.2% year on year rise in the volume of property sales in Scotland, with 103,617 total sales.

This growth was experienced across most of the country, with Na h-Eileanan Siar and East Lothian showing the largest increases between 2016 and 2017, at 16.8% and 16.6% respectively. Only three local authorities reported decreases: Clackmannanshire (-7.6%), Midlothian (-2.0%) and Dundee City (-1.0%).

In relation to Scotland’s city local authorities, the City of Edinburgh and Glasgow City continued to have by far the highest sales volumes in 2017 with annual increases of 1.7% and 3.0% respectively, while Dundee City had the only decrease of the city local authorities, falling by 1.0%.

The value of the Scottish property market increased by 8.5% in 2017 compared to 2016, to £17.9 billion, continuing the upward trend since 2011.

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