Annual residential property market review published
2017 residential property market review shows 4.0 per cent increase in average price and 4.2 per cent rise in volume of Scottish house sales.
Figures released today by Registers of Scotland show that the 2017 calendar year saw increases in the average price of a residential property as well as the volume and market value of Scottish property sales, compared to the previous year.
The 2017 Calendar Year Market Review shows a 4.0 per cent increase in the average price for a residential property in Scotland in 2017, compared to 2016, to £172,779. This continues the generally upward trend seen since 2012. East Renfrewshire and the City of Edinburgh showed the highest average prices in 2017 at £252,870 and £249,651 respectively. The largest annual changes were seen in South Lanarkshire and Glasgow City, with increases of 8.6 per cent and 7.8 per cent respectively.
There was a 4.2 per cent year on year rise in the volume of property sales in Scotland, with 103,617 total sales. This growth was experienced across most of the country, with Na h-Eileanan Siar and East Lothian showing the largest increases between 2016 and 2017, at 16.8 per cent and 16.6 per cent respectively. Only three local authorities reported decreases: Clackmannanshire (-7.6 per cent), Midlothian (-2.0 per cent) and Dundee City (-1.0 per cent). In relation to Scotland’s city local authorities, the City of Edinburgh and Glasgow City continued to have by far the highest sales volumes in 2017 with annual increases of 1.7 per cent and 3.0 per cent respectively, while Dundee City had the only decrease of the city local authorities, falling by 1.0 per cent.
The value of the Scottish property market increased by 8.5 per cent in 2017, compared to 2016, to £17.9 billion, continuing the upward trend since 2011.
Additional analysis is provided on volume of sales by price band, by cash or mortgage sale status, by house type and by new-build status.
Registers of Scotland collect, analyse and publish property data throughout the year, including the Scottish component of the monthly UK House Price Index (HPI) and our next 10-Year Report, which will be published in June 2018. Details of all our property statistics, releases and our publication timetable are available via our dedicated property statistics homepage.