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Volume of Property Sales at Nine-Year High

A slight decrease in the overall value of property in Scotland has resulted in a significant increase in the volume of sales as homeowners and indeed those selling property look to take advantage of more interest in the market.

According to new data from the Registers of Scotland (RoS), there were over 19,000 properties sold in the first quarter of the year with 19,802 properties sold between January and March 2016. While the average value of property was slightly down, In total, the overall value of properties sold in Scotland was £3.15 billion, a significant increase from the same period in the last year with an increase of 8.3% in terms of the number of sales. According to many experts, the larger amount of money spent but the lower average cost was due to a larger number of resedential properties being sold.

As well as this, in January to March last year, there was a property boom ahead of the changes to the stamp duty in Scotland, especially in high-end properties. Many experts have stated that properties sold in the first half of 2016 were lower value property. Furthermore, experts stated that it would be difficult for property prices to remain as high as they were before the Land and Buildings Transaction Tax boom.

Increase in Overall Volume of Property Sales

Values of property in Glasgow only declined marginally, however, the largest city remained one of the biggest markets in the country with the second highest amount of sales. In Glasgow, according to some experts, there were at least eight bids on average for properties in Glasgow due to the high demand to move to the city.  

Kenny Crawford, director of commercial services at RoS, said: “We’ve seen a sustained increase in the volume of sales throughout the 2015-16 financial year.

“While volumes are up this quarter, prices are down by 8.4% compared to the previous year, bringing the average price to £159,198.

“This time last year, we saw a spike in house prices, with an increase in the number of high-value property sales.

“By comparison, this year has seen an increase in the volume of lower value properties being sold, which may account for this year’s lower average price.

While the vast majority of property types had an increase in volume, flats had the biggest increase in volume with a 24.2% increase in the number of properties sold.

Buying a Property in Glasgow: Contact Us

If you are interested in purchasing a property in Glasgow or are if you are looking to sell your home and take advantage of the increased demand for property in the city, then our team of expert solicitors can help you. Our team based in numerous locations across the city know Glasgow and will be able to offer you tailored advice and legal support throughout the process of buying or selling your home. To find out how we can help you, contact our team today using our online contact form.