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Registers of Scotland’s Figures Show Growth in Sales of Scottish Property, Yet Prices Fall

When compared to the first quarter of 2015, it has been highlighted in the latest batch of figures (provided by Registers of Scotland) that sales for residential properties has seen an increase of 18.2% within this year’s first quarter. This also comes as average residential property prices has also reportedly dropped by 8.4%, with the now-average price for a property sitting at £159,198.

Despite the drop in price, the sheer number and value of sales did indeed show considerable growth within the quarter, with the number of sales (19,802) being the largest reported number since 2007-2008, whilst the value of the sales showed an increase of 8.3% from the previous year – this totalling in at a notable value of £3.15bn. This also being highlighted as an extension of sustained growth in property sales, the news does come with a positive edge to it, perhaps suggesting the potential for further sustained growth in the new financial year.

Of course, as for the drop in pricing, it is key to note that the figures from last year did indeed involve a considerable spike in the pricing of residential properties, thus bringing a degree of uncertainty as to whether the reported drop in price is due to a continued trend for depreciation or more the resettling of the market after the spike. Additionally, the rise in sales could also then be attributed partly to the drop in pricing, yet, only time will tell on both notes as we see the market stabilise.

Good to see is the fact that all property archetypes did indeed see an increase in sales volumes this time, highlighting that the results are not limited to high-value properties alone. In fact, flats were reported to see the largest increase in sales, with a reported value of 24.2% – a clear spike in demand.

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BDC 317 : Jun 2024