Glasgow has experienced a whopping 5.9% increase in the value of property in the city since the turn of the year, significantly more than the average rate across the country.
Despite the larger rise in the city, Scottish property continued to rise in value with the average across the country rising to 3.6% since the beginning of 2016. The figures, which come from the Registers of Scotland estimate that the average property value in the country now stands at just under £170,000 with the value of some properties in some urban areas such as Glasgow and Edinburgh being significantly higher.
The increase in the average value of property can be seen by the fact that the overall property sales in Scotland hit a new record high of £16.5 billion in value. As well as an increase in value, the number of sales in Scotland increased by 4.5%. The 97,701 sales across the country in 2015 was the highest level of sales since 2008.
Glasgow recorded the second highest number of sales with a substantial rise in sales of 12.2% with over 11,000 sales.
Kenny Crawford, Registers of Scotland's director of commercial services, said: "The total value of the residential property market continues to make a significant contribution to the Scottish economy.
"In 2015, the market totalled £16.5 billion, an increase of 8.2% on the previous year.
"The City of Edinburgh property market represented over 17.2% of this figure, bringing in over £2.8 billion to the Scottish economy.
"This is significantly larger than the next biggest property market, Glasgow, with 9.8% of the market at £1.6 billion."
While the average price for all property types increased in the last year, figures show that semi-detached houses showed the largest rise in price, up 3.4% to £157,995. Detached properties had the highest average price at £249,921.
Although such properties represented the best value, flats were much more popular on the property marketing with 36.2% of the total market across Scotland. Semi-detached homes secured the lowest market share with 17,974 transactions accounting for just 18.4% of the market.
Registers of Scotland's annual residential property sales statistics cover all residential sales between £20,000 and £1 million, including those that did not involve a mortgage.
Only Edinburgh had a higher value of properties and a larger volume of sales that Glasgow.
Purchasing a property can be one of the biggest and most important decision to take with many people being unsure of how the process works. If you require legal advice or representation to purchase a property, our team of experts can help. Alternatively, our skilled team can aid you in selling a property and ensuring that you get the best deal possible for your property. Contact our expert team today using our online contact form.
Contact us now on
for a free consultation.