The number of residential properties sold in Scotland was up 22.9% compared to the same period in 2013 with 17,828 properties changing hands, the highest recorded since 2007/2008.
The average price of a property was £153,352 with prices up by an average of 3.5% although there is considerable regional variation. For example, prices increased by 24.9% in Inverclyde and fell 14.3% in Midlothian.
‘This is the third successive quarter that volumes have been up over 22 per cent on the previous year, illustrating consolidated growth in the Scottish property market. This is a picture that we’re seeing across Scotland, with all local authorities showing an increase in the volume of sales for this quarter compared to the previous year,’ said Kenny Crawford, Registers of Scotland’s director of commercial services.
The total value of sales across Scotland registered in the quarter increased by 27.2% compared to the previous year to over £2.73 billion.
Edinburgh remains the highest value market with total sales of just under £430 million for the quarter, an increase of 28.4% compared with the same quarter last year. Angus showed the highest percentage rise with the total value of sales increasing by 59.2%, while East Dunbartonshire recorded the highest average property price at £219,731, a rise of 4.6%.
All property types showed an increase in average house price in this quarter, the biggest increase being in terraced properties at 2.6%. The largest sales volumes came from semi detached properties, which increased by 29.5%.
To add further insight into these statistics, Registers of Scotland will soon be releasing a 10 Year Property Market Report for 2004 to 2014. This follows up on the 2003 to 2013 report issued last year, and will once again cover the trends in the land and property market over the past decade.
Property consultancy, CKD Galbraith, said its experience is borne out in the figures. ‘We have also experienced an increase in sales throughout Scotland with the volume of sales agreed being up this quarter compared to the same quarter last year,’ said Simon Brown, partner and head of residential sales at CKD Galbraith.
‘Spring sales have been encouraging with particular pockets having shown positive signs already including Perthshire, Inverness and Edinburgh. We have also witnessed the return of the competitive closing date system in some regions however setting realistic prices is still imperative,’ he explained.
‘Our viewing figures in Perthshire have risen by 60% compared to the same quarter of 2013 and the number of sales agreed by our Edinburgh office has more than doubled against the last quarter and up 62% on the same quarter for 2013. In Inverness sales have doubled over the first quarter of 2014 compared to the same quarter of 2013 and viewings are up by 15% this quarter against the previous quarter,’ he pointed out.
‘The healthy results we have experienced for the first quarter demonstrates an encouraging start to the year for the Scottish property market,’ added Brown.
