Published 12 September 2019, Scottish Legal News

The latest Registers of Scotland (ROS) quarterly report revealed that between April and June 2019, the number of residential properties sold in Scotland was up by 4.6 per cent compared to the same period last year.

This increase was particularly pronounced in Argyll and Bute, which saw the greatest year-on-year increase in sales volume at 18.0 per cent.

The total value of residential property sales in Scotland rose by 6.2 per cent compared to the previous year, while the average selling price in the country rose by 1.5 per cent year-on-year to £178,832. Properties in East Lothian experienced the largest increases in average selling price, which rose by 14.4 per cent to £260,499. Dundee saw the greatest increase in total value of residential properties sold, rising by 22.2 per cent compared to last year.

Properties in Edinburgh were sold for the highest price on average at £265,131, which was a 1.4 per cent increase compared to the previous year. Properties in East Lothian and East Dunbartonshire experienced the second and third highest average selling prices at £260,499 and £252,105 respectively.

The average selling price for Glasgow properties during this period was £159,204, which was a 2.8 per cent increase compared to last year. Glasgow achieved the greatest volume of residential property sales from April to June 2019, with 2,976 sold properties, which comprised 11.5 per cent of the total sales volume in Scotland and was 6.9 per cent up compared to the previous year. Edinburgh was just behind Glasgow with 11.3 per cent of the sales volume in Scotland (2,907 sold properties), and this was a 7.4 per cent increase compared to the previous year.

In the south of Scotland, properties in the Scottish Borders saw a dip in average selling prices, dropping by 5.8 per cent to £167,210. The volume of properties sold decreased by 4.3 per cent. In Dumfries and Galloway, average selling prices remained relatively steady, rising by 1.1 per cent year-on-year to £141,062. However, there was a reasonably significant increase in the number of residential properties sold in these areas, rising by 9.6 per cent compared to the previous year.

North of the central belt, average selling prices in Dundee rose by 5.5 per cent to £148,415, while sales volume increased by 15.8 per cent year-on-year, suggesting relatively strong demand for properties in the city. Selling prices in Aberdeen remained relatively steady, rising by 0.8 per cent to £201,801. However, the volume of residential properties sold in the Granite City dipped by 10.4 per cent year-on-year.

Paul Hilton, chairman of SPC Scotland, said: “The most recent quarterly statistics from Registers of Scotland suggest the Scottish property market remains relatively stable in the face of political uncertainty in the UK. The average selling price rose slightly year-on-year while the sales volume also increased.

“There appears to be strong demand for properties in East Lothian and Dundee, with the former experiencing the greatest increase in average selling price year-on-year, and the latter achieving the greatest increase in total sales value year-on-year.

“Whilst buyer and seller sentiment might change as we approach the next Brexit date, currently there generally appears to be a healthy number of buyers and sellers alike.”