Scotland's Property Market Shows Falling Prices but Sales Are Rising
Scotland's residential property transactions rose by 18.2 percent in the first three months of 2016 compared to the same period in 2015. According to the latest official data, as reported on PropertyWire, prices of homes declined by 8.4 percent compared to 2015 figures.
With these changes, the average price of a home in Scotland costs £159,198. The Registers of Scotland reported that there were 19,802 properties that changed owners in the first quarter of 2016. This was the highest volume of transactions recorded for the same period since 2007 to 2008. The total sales value was pegged at £3.15 billion, a rise of 8.3 percent from 2015.
This was confirmed by Registers of Scotland Commercial Services Director Kenny Crawford, who said, "We've seen a sustained increase in the volume of sales throughout the 2015/2016 financial year."
He added, "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. Future sales statistics will determine whether this is a one-off decrease, or whether this is a trend that will continue."
The highest rise registered on the mainland was in Midlothian increasing by 48 percent or 333 transactions. The largest decline was in East Renfrewshire, falling by as much as 14.5 percent to just 288 transactions. In Orkney, sales doubled from 48 to 108 sales transactions overall.
Sales increased in Edinburgh by a modest 3.3 percent or totaling £554.6 million for the first quarter of the year, according to a report from BBC.com. Median prices dropped though by 14.6 percent or about £175,000 per average home.
The property type registering the highest volume increase was flat apartments, jumping by 24.2 percent.