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Property Sales in Scotland Reach Record High

Residential property sales in Scotland reached a record high in the last year according to the Registers of Scotland (RoS).

Last year, there was a total of 97,701 sales in Scotland in 2015, the highest annual figure since 2008, an increase of 4.5% compared to the previous year. This came despite some criticism of the introduction of the new Land and Building Transaction Tax, which many experts warned could damage the Scottish property market.

Glasgow was the second biggest property market behind Edinburgh. Scotland’s largest city brought in £1.6 billion in sales behind Edinburgh, which had a £2.8 billion share. Glasgow accounted for 9.8% of all property sales in the last year with Edinburgh having almost double the share, at 17.2%.

While Edinburgh enjoyed slightly more sales than Glasgow as well as sales with higher value, the boost in the property market in Glasgow was significantly greater than Edinburgh. The Capital had an 8.3% increase in the number of sales. However, Glasgow had a substantial boost of 12.2% compared to figures from the previous year. In total, there were 11,616 property sales in Glasgow.

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 per cent of the market at £1.6 billion.”

Increase in Overall Property Value in Scotland

While there positives for Glasgow and Edinburgh, the entire Scottish property market received a boost in the last year. According to figures, the average price of property in Scotland rose by 3.6% with the average residential property pricing standing at £169,402. Only East Renfrewshire showed a small decline in the value of assets at a 0.6% decrease.

Semi-detached properties showed the largest increase in overall value with an increase in 3.4% taking the average value to £157,995. Detached properties remained the highest value property values.

Despite the overall rise in the value of such property types, flats remained the most popular type of property and proved to be the most in demand in terms of selling on. According to data, flats had the highest share of the market with 36% of the market. In comparison, semi-detached properties, despite having the largest rise in value, had the smallest share of the housing market, with just 18.4% of the Scottish market.

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We understand the importance of purchasing a property and that buying a new home can be one of the most important decisions you will ever make. At the Glasgow Law Practice, we try harder to get the best deal for you and make the process as simple and straightforward as possible. To find out how we can help you purchase a property, or for any legal advice regarding real estate, contact our expert team today using our online contact form.

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