Increase in the average price of a residential property but a decrease in the volume of sales, compared with the previous year.

Figures released today by Registers of Scotland show that the 2018 calendar year saw an increase in the average price of a residential property but a decrease in the volume of sales, compared with the previous year. Overall, the market value of Scottish property sales increased in 2018, continuing the upward trend since 2011.

The calendar year residential market review 2018 shows a 3.7 per cent increase in the average price for a residential property in Scotland in 2018, compared with 2017, to £179,121. This continues the generally upward trend seen since 2012. City of Edinburgh and East Renfrewshire showed the highest average prices in 2018 at £266,118 and £259,577 respectively. The largest annual changes were seen in Midlothian, Falkirk and North Lanarkshire, with increases of 8.7 per cent, 8.0 per cent and 8.0 per cent respectively.

There was a 2.3 per cent year-on-year fall in the volume of property sales in Scotland, with 100,998 total sales. Decreases in sales volume were seen in around two-thirds (22) of all local authority areas. Excluding the local authority areas with the lowest sales volumes, East Dunbartonshire and City of Edinburgh showed the largest decreases, with falls of 9.1% and 8.8% respectively. South Lanarkshire and North Ayrshire showed the largest increases in sales volume, with rises of 6.2% and 2.9% respectively.

In Scotland’s city local authorities, Glasgow City recorded the highest volume of sales in 2018, higher than the City of Edinburgh for the first time since 2011. Overall, of the city local authorities, only Dundee City saw an annual increase in sales volumes in 2018 with an increase of 0.1%. Glasgow City and Aberdeen City saw annual decreases of 3.9 per cent and 2.7 per cent respectively.

The value of the Scottish property market increased by 1.3 per cent in 2018, compared with 2017, to £18.1 billion, continuing the upward trend since 2011.