5th March 2014
Property Wire
Residential property sales in Scotland increased by 26.1% during the last quarter of 2013 compared with the same period in 2012, according to the latest data published by the Registers of Scotland.
This consolidates on the large increase in sales volumes reported in
the previous quarter and represents the highest volume of sales for this
quarter since quarter three of 2007/2008.
Inverclyde showed the
largest percentage rise in the number of sales with an increase of 44.2%
compared to the same period in the previous year. The City of Edinburgh
recorded the highest sales volume with 2,951 residential house sales,
an increase of 35% on the previous year.
The average price of a
residential property in Scotland also increased, up by 3.1% during the
quarter compared with the same period the previous year, taking the
average price of a residential property to ￡159,670.
The highest
percentage rise was recorded in East Lothian with an average price of
￡209,566, a rise of 14.9% compared with the same quarter the previous
year. East Renfrewshire recorded the highest average at ￡222,906, a rise
of 4.8% compared with the same quarter the previous year.
The largest percentage fall in price was in Inverclyde which showed a drop of 8.7% with an average price of ￡116,085.
The
total value of sales across Scotland registered in the quarter
increased by 30.1% compared to the previous year to just over ￡4.08
billion. This again consolidates on the large increase in the value of
sales reported last quarter and represents the highest value of sales
for this quarter since quarter three of 2007/2008.
The City of
Edinburgh remains the largest market with sales of just under ￡633
million for the quarter, an increase of 36.6% compared with the same
quarter last year. Midlothian showed the highest percentage rise with
the value of sales increasing by 49.7% compared to the previous year.
All
property types showed an increase in average house price in this
quarter, the biggest increase being in detached properties at 2.2%. Also
all property types showed an increase in sales volumes with detached
properties top with a 26.3% increase in sales volumes, and terraced
properties showing an increase of 26%.
CKD
Galbraith, one Scotland’s leading property consultancies, said the
figures confirm its own experience. The firm has seen sales increase by
34% per cent on previous year’s figures with an average property value
of ￡422,127, an increase of ￡25,250 on the previous year.
‘Over
the last quarter we have seen an increase in business across all our
offices in Scotland and we believe that this is set to continue
throughout the spring months. The market is beginning to show some very
encouraging signs with many prospective buyers looking to gain from
viewing even earlier than usual,’ said Alasdair Mackenzie, head of
residential sales at CKD Galbraith’s Edinburgh office.
‘The
Edinburgh market in particular saw a dramatic improvement throughout
2013. Viewings in the Edinburgh area were up 48 per cent on the previous
year, with 37% of properties sold to buyers from outside Edinburgh.
There has been a marked increase in buyers from the south and abroad
wanting to invest in property in Scotland’s Capital,’ he explained.
‘The
forecast is bright for those looking to sell in the coming months and
we believe that the growth demonstrated in 2013 is set to continue
throughout Scotland into the spring of 2014,’ he added.