It is the fourth consecutive quarter in which the sales volumes have increased in excess of 22%, demonstrating sustained growth over the past year when compared with the previous year. It is also the highest volume of sales for this quarter since the first quarter of 2008/2009.
West Lothian again showed the largest percentage rise in the number of sales with an increase of 39.1% compared to the same period in the previous year and the City of Edinburgh recorded the highest sales volume with 2,944 residential house sales, an increase of 30.6% on the previous year.
All Local Authorities showed an increase in the volume of sales, with the exception of Aberdeen City, which showed a decrease in volume of sales of 2.1%, and the Shetland Islands which is below the 1% threshold.
The average price of a residential property in Scotland increased by 5.9% during the first quarter of 2014/2015 compared with the same period the previous year.
The average price of a residential property for this quarter was £162,122. This increase represents the first time in almost four years that the average price has increased by in excess of 5%.
The highest percentage rise was recorded in Renfrewshire, with an average price of £128,138, a rise of 16.8% compared with the same quarter the previous year. East Renfrewshire recorded the highest average at £232,987, a rise of 10% compared with the same quarter the previous year.
The largest percentage fall in price was again in Midlothian which showed a drop of 6.3% with an average price of £169,014.
The total value of sales across Scotland registered in the quarter increased by 29.7% compared to the previous year to just under £3.95 billion. This again consolidates on the large increase in the value of sales reported last quarter.
The City of Edinburgh remains the largest market with sales of just under £670 million for the quarter, an increase of 39.4% compared with the same quarter last year. West Lothian showed the highest percentage rise with the value of sales increasing by 54.1% compared to the previous year.
All property types showed an increase in average house price in this quarter, the biggest increase being in flats at 5.3%. All property types showed an increase in sales volumes with detached properties showing the biggest increase in sales volumes of 23.3% and semi-detached and flats showing the next biggest increase at 22.2%.
Simon Brown, partner and head of residential sales at CKD Galbraith, said the figures fit in with the firm’s experience which has seen a steady increase in sales throughout 2014. The volume of sales agreed up by 32% compared to the first quarter of this year and a 31% increase compared to the second quarter of 2013.
‘Overall we have seen very encouraging signs with particular hot spots showing dramatic increases in sales and viewing figures. Regions such as Edinburgh, Perthshire, Aberdeenshire and Inverness continue to thrive with a notable interest coming from national and international buyers,’ he explained.
‘A staggering 76% of sales in Edinburgh have come from buyers out with the city for the first half of 2014, demonstrating both the reach of the firm and the injection of interest in the Scottish property market. This in turn has led to a return to the competitive closing date system in some cases. However, agents with good local knowledge and realistic pricing still remain the key factors in selling property,’ he added.
