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.”