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.
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 our website.
A croft in Shetland has become the 4,000th to be registered by Registers of Scotland (RoS). It joins the online Crofting Register, which went live on 30 November 2012 as a result of the Crofting Reform (Scotland) Act 2010.
The registration comes as RoS staff are gearing up to attend a series of agricultural shows in order to encourage and support the voluntary registration of crofts in Scotland.
The 4000th croft is C4089, Beala (Apportionment) in Shetland. It joins the 200th common grazing, a shared area of community land in Assynt, also registered this week.
Introduced in 2012, the Crofting Register is the first official register to give crofters legal certainty over their crofts.
Cabinet Secretary for Rural Economy, Fergus Ewing said:
“Crofting is an integral part of Scottish rural life that makes a significant contribution to our economy, environment and culture. I am therefore delighted to hear that the 4,000th croft has now been registered on the Crofting Register – an achievement that has taken just four years.I look forward to hearing about many more additions to the register in due course as we continue to support our crofters and crofting.”
Sheenagh Adams, the Keeper of the Registers of Scotland said:
“Crofting is a key part of Scotland’s rural economy, and is a vital part of our culture and heritage. The Crofting Register helps to safeguard that and with around 18,000 crofts in Scotland, reaching the 4,000th registration in such just four years is an achievement we are proud of. It is particularly pleasing to see communities continue to work together to facilitate the registration of their land.”
Bill Barron, Crofting Commission Chief Executive, said:
“To have reached 4,000 registered crofts means that overall 20% of all crofts are now registered with Registers of Scotland. To achieve this in just over five years, since the Crofting Registers inception, is a notable achievement. It’s interesting that the 2000th and the 4000th croft to be registered were both in Shetland. Progress with registrations is important as it provides crofters and other interested parties with certainty as to the extent and interests in croft land.
We will continue to work closely with RoS, crofters and grazings committees to ensure the registration process is as smooth as possible.”
The latest publication of the monthly UK House Price Index (UK HPI) shows that the average price of a property in Scotland in March 2017 was £137,139 – an increase of 0.7 per cent on March in the previous year but a decrease of 1.0 per cent when compared to the previous month. This compares to a UK average of £215,848, which was an increase of 4.1 per cent compared to March in the previous year and a decrease of 0.6 per cent when compared to the previous month.
The volume of residential sales in Scotland in January 2017 was 6,239 – an increase of 2.0 per cent on January 2016 but a decrease of 25.4 per cent on the previous month. This compares with annual decreases in sales volumes of 16.6 per cent in England, 2.3 per cent in Wales and 28.5 per cent in Northern Ireland.
Registers of Scotland business development and information director Kenny Crawford said: “Average prices this March showed a modest increase when compared to March 2016 and there have been increases in every month since March 2016 when compared with the same month of the previous year.
“Sales volumes figures for January 2017 showed an increase in Scotland of 2.0% when compared with January 2016. This is also up by 0.8 per cent when compared with January 2015 and up by 34.1 per cent when compared with January 2013, but down by 3.9 per cent when compared with January 2014.”
The top five local authorities in terms of sales volumes were Edinburgh City (764 sales), Glasgow City (700 sales), South Lanarkshire (396 sales), Fife (391 sales) and North Lanarkshire (305 sales).
The biggest price increase when comparing March 2017 with March 2016 was in East Dunbartonshire where the average price increased by 10.7 per cent to £196,332. The biggest decrease was again in Aberdeen City, where prices fell by 6.3 per cent to £163,050.
Across Scotland, all property types except flats showed an increase in average price in March 2017 when compared with the same month in the previous year. Semi-detached properties showed the biggest increase, rising by 2.3 per cent to £144,261, while flats decreased by 0.1 per cent to £98,012.
The average price in March 2017 for a property purchased by a non first time buyer was £164,434 – an increase of 0.6 per cent compared to the same month in the previous year. The average price for property purchased by a first time buyer was £110,789 – an increase of 0.8 per cent on the previous year.
The average price for a cash sale was £126,030 – an increase of 0.1 per cent on the previous year – while the average price for property purchased with a mortgage was £141,899 – an increase of 0.6 per cent on the previous year.
