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2018-19 property sales value best in 11 years: RoS report

11 June 2019

The value of residential property sales in Scotland reached an 11 year high in the last financial year, according to Registers of Scotland’s Property Market Report 2018-19, published today.

Total sales value was £18.2bn, an increase of 1.6% compared with 2017-18, and 67% higher than the recession-hit year of 2009-10, but remains 21% below the pre-financial crisis peak of £23.1bn seen in 2007-08.

Sales volumes dipped by 0.5% in the year, to 101,628 sales, 44% above the low of 2011-12 but 32% below the peak of 150,455 sales in 2006-07.

The Property Market Report is the main statistical compendium publication from Registers of Scotland. It details the major trends in the Scottish land and property market since 2003-04, and includes residential and non-residential markets as well as key statistics on house prices and sale transactions.

The average price of a residential property in Scotland in 2018-19 was £178,991, up 2.2% on 2017-18 and 16% when compared with the pre-financial crash average price of £154,817 in 2007-08. Since 2003-04, the start of RoS house price data, the average residential property price in Scotland has increased by 77%.

For the non-residential market, the total market value of all types of sales in 2018-19 was £4.0bn. Commercial sales accounted for 81%, with the remainder from sales of forestry, agriculture and land.

Further findings from the report include:

  • 12% of residential property sales in Scotland in 2018-19 were new-builds, the highest proportion since 2008-09;
  • 28% of all residential properties sold were located in one of Scotland’s seven cities, with the highest number of sales in Glasgow;
  • 69% of residential sales transactions were with a mortgage, with cash sales accounting for the balance;
  • there were 181 residential property sales for more than £1m, two-thirds of them in the City of Edinburgh (119 sales).

Commenting on the release, RoS accountable officer Janet Egdell said: “The Scottish property market is a significant component of the Scottish economy. In 2018-19, the total value of residential sales continued to rise, largely due to average prices continuing to increase while the volume of sales has levelled off in recent years.”

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