By John Glover Business reporter
Insider.co.uk  29 June 2021

 

 

The average residential house price in Scotland has increased by 92% since the start of house price data collated from Registers of Scotland (RoS) in 2003-04.

It revealed in its annual Property Market Report 2020-21 that the average price of a residential property in Scotland in 2020-21 was £194,100.

It is an increase by 6.7% on 2019-20 and was up by 25% when compared with the pre-financial crash average price of £154,813 in 2007-08.

In 2003-04 the average residential property price was estimated to be worth around £100,987.

However, the sales volume remain 36% below the pre-financial crisis level peak of 149,944 sales in 2006-07.

The government department noted that the increased restrictions, due to the pandemic, led to a drop in sales being submitted to RoS for registration for the first quarter of this year.

It reported that property sales in Scotland had decreased by 6.5% from 102,053 sales in 2019-2020 to 95,428 in 2020-21.

However, the volumes of sales were 36% higher than sales in 2011-12, which reached a low of 70,334 sales.

RoS said the 2020-21 figure was the lowest volume when compared with the previous three financial years dating back to 2017-18.

The value of residential property sales for 2020-21 was £18.5 bn, a decrease of 0.2% when compared with last year.

This year marked the first decrease when compared with the previous year since 2011-12. The residential sales market value has increased every year from 2012-13 to 2019-20, but remains 19% below the pre-financial crisis level peak in 2007-08 - £22.9 bn.

The total market value of non-residential sales in 2020-21 was £2.8 bn. Commercial sales accounted for 71% of this total, with the remainder from sales of forestry, agriculture and land.

The non-residential market was also impacted by pandemic restrictions.

In particular, there was an adverse impact on the market value of the commercial sales market, with market values in 2020-21 being lower in every month than the market values last year, except for March 2020-21.