Average house price rises by 2.2% in Scotland

The value of residential property sales reached £18.2bn, a year-on-year increase of 1.6%.

flag scotland

A report released this week by Registers of Scotland has found that the average cost of a residential property has risen by 2.2% to £178,991 in the 2018-19 financial year.

According to reports, the figure represented an 11-year high, but remained more than 20% below its pre-financial crisis level in 2007-8.

Overall, the value of a residential property sales reached a combined £18.2bn, a year-on-year increase of 1.6%.

The 2018-19 report also found:

  • There were 181 residential property sales for more than £1m, two-thirds of which were in the City of Edinburgh local authority area (119 sales)
  • 12% of residential property sales in Scotland were new-builds – the highest proportion since 2008-09
  • 28% of all residential properties sold were located within one of Scotland’s seven cities – with most sales in Glasgow
  • 69% of residential sales transactions were with a mortgage, with cash sales accounting for the balance

According to Registers of Scotland, the volume of sales were slightly down, sitting at 101,628 in 2018-19.

Relatively speaking, Midlothian had the largest increase in the average price over the previous financial year, rising by 8.1% to £220,011.

Scottish Borders is also stated to have recorded the largest decrease, dropping 2.6% to £178,9886.

Commenting on the report, Registers of Scotland’s Janet Egdell said: “The Scottish property market is a significant component of the Scottish economy.

“In 2018-19, the total value of residential sales continued to rise, largely due to average prices continuing to increase while the volume of sales has levelled off in recent years.”

Similar stories by tag

Comments