This consolidates on the large increase in sales volumes reported in the previous quarter and represents the highest volume of sales for this quarter since quarter three of 2007/2008.
Inverclyde showed the largest percentage rise in the number of sales with an increase of 44.2% compared to the same period in the previous year. The City of Edinburgh recorded the highest sales volume with 2,951 residential house sales, an increase of 35% on the previous year.
The average price of a residential property in Scotland also increased, up by 3.1% during the quarter compared with the same period the previous year, taking the average price of a residential property to £159,670.
The highest percentage rise was recorded in East Lothian with an average price of £209,566, a rise of 14.9% compared with the same quarter the previous year. East Renfrewshire recorded the highest average at £222,906, a rise of 4.8% compared with the same quarter the previous year.
The largest percentage fall in price was in Inverclyde which showed a drop of 8.7% with an average price of £116,085.
The total value of sales across Scotland registered in the quarter increased by 30.1% compared to the previous year to just over £4.08 billion. This again consolidates on the large increase in the value of sales reported last quarter and represents the highest value of sales for this quarter since quarter three of 2007/2008.
The City of Edinburgh remains the largest market with sales of just under £633 million for the quarter, an increase of 36.6% compared with the same quarter last year. Midlothian showed the highest percentage rise with the value of sales increasing by 49.7% compared to the previous year.
All property types showed an increase in average house price in this quarter, the biggest increase being in detached properties at 2.2%. Also all property types showed an increase in sales volumes with detached properties top with a 26.3% increase in sales volumes, and terraced properties showing an increase of 26%.
CKD Galbraith, one Scotland’s leading property consultancies, said the figures confirm its own experience. The firm has seen sales increase by 34% per cent on previous year’s figures with an average property value of £422,127, an increase of £25,250 on the previous year.
‘Over the last quarter we have seen an increase in business across all our offices in Scotland and we believe that this is set to continue throughout the spring months. The market is beginning to show some very encouraging signs with many prospective buyers looking to gain from viewing even earlier than usual,’ said Alasdair Mackenzie, head of residential sales at CKD Galbraith’s Edinburgh office.
‘The Edinburgh market in particular saw a dramatic improvement throughout 2013. Viewings in the Edinburgh area were up 48 per cent on the previous year, with 37% of properties sold to buyers from outside Edinburgh. There has been a marked increase in buyers from the south and abroad wanting to invest in property in Scotland’s Capital,’ he explained.
‘The forecast is bright for those looking to sell in the coming months and we believe that the growth demonstrated in 2013 is set to continue throughout Scotland into the spring of 2014,’ he added.
