Housing market value reaches £143.4 billion in 10 years
The total value of the residential sales market in Scotland from 2007-08 to 2016-17 was just over £143.4 billion, according to a new report published today by Registers of Scotland (RoS).
The fifth annual publication of RoS’ 10-year property market report details the trends in the land and property market over the last ten years, from the pre-financial crisis period in 2007-08, through the subsequent economic downturn, to the latest trends in sales volumes and prices up to 2016-17.
RoS business development and information director Kenny Crawford said: “The Scottish property market is a significant component of the Scottish economy. In 2016-17, the total value of residential sales alone was £16.7 billion, an increase of 1.0 per cent when compared with 2015-16.
“We’ve also seen an increase in average house prices over the decade, up 7.7 per cent when comparing 2016-17 with 2007-08. Overall, house prices remained relatively stable across each year of the decade, with the exception of a more pronounced year on year increase between 2013-14 and 2014-15.
“While the 100,291 residential sales in 2016-17 remains down on the 149,145 sales recorded in the pre-financial crisis period in 2007-08, volumes in 2016-17 were the highest since 2007-08 and have been increasing year on year from the 10-year low of 70,510 in 2011-12.”
RoS’ property price statistics are compiled using data collected as part of the land registration process. This data is comprehensive, covering transactions across the whole of Scotland for all types of property sales, in residential and non-residential markets, and with actual sale prices, not just valuations. The statistics in the 10-year property market report cover values, volumes and prices in the different sectors, broken down by local authority area. For the housing market, the report provides an overview of trends in cash and mortgage-financed sales volumes, the market within Scotland’s seven cities, sales of properties within new-build developments and trends by house type.
Further key findings revealed in the report over the last 10 years include:
• new-build property sales accounting for 12 per cent of the all-Scotland sales in 2016-17, with a total of 12,014 sales
• a 36.2 per cent decrease in the number of residential properties sold for over a million pounds when comparing 2007-08 with 2016-17, although this should be seen in the context of a drop of 32.8 per cent in total sales volumes between these years
• a drop of 30.3 per cent in the number of sales being registered with a mortgage when comparing 2007-08 with 2016-17
• the proportion of residential sales being registered with a mortgage falling from 84.5% in 2007-08 to 69.0 per cent in 2016-17
• a market value of £4.1 billion for non-residential sales (includes commercial, land, agriculture and forestry sales) in 2016-17
• a 5.3 percent increase in the volume of commercial leases, from 905 in 2015-16 to 953 in 2016-17
The 10-year property market report is free to download from the property statistics section of the RoS website.