House sales go through the roof

House sales in Scotland rose by the highest amount in seven years during the second quarter of this year.

House sales have shown volume growth in 2015-16 according to Registers of Scotland
House sales have shown volume growth in 2015-16 according to Registers of Scotland

Registers of Scotland (RoS) recorded 28,019 properties submitted for registration between July and September, the highest volume of sales for any quarter since the first quarter of 2008-09.

That was a 6.5 per cent increase on the first quarter of 2015-16.

West Lothian recorded the highest percentage rise in the volume of sales, with an annual increase of 23.1 per cent to 905 residential sales.

But the highest number of sales came in Edinburgh, where 3530 sales meant a 9.6 per cent increase.

Edinburgh sales were worth more than £805 million for the quarter, a 6.2 per cent increase on the previous period, while West Lothian’s percentage increase was the highest – a 31.5 per cent increase saw sales topping the £148 millionmark.

Aberdeenshire showed the largest percentage fall in volume of sales, dropping by13.5 per cent to 1,437, equating to £323 million, or 16.6 per cent less than in 2014-15.

Semi-detached houses were the only property types that showed an increase in prices over the quarter, up two per cent to £159,854.

Detached, terraced and flatted properties were all down: detached by 0.9 per cent to £245,547, terraced by 3.1 per cent to £137,607, and flatted by 2.4 per cent to £134,377.

RoS’ business development director, John King, said: “As well as a significant increase in the volume of sales, we’ve seen the total value of sales across Scotland rise by 6 per cent on the previous year to £4.74 billion.

“Like volumes, this represents the highest value of sales for any quarter since quarter one of 2008-09.”

Mr King continued: “By comparison, prices are largely unchanged, with the average property price at £169,397, a decrease of 0.5 per cent compared to the previous year.

“The variation across local authority areas is fairly consistent, with the largest decrease at 4.4 per cent.”

Bur Mr King also highlighted two other areas where property sales had not been so successful: “Angus and East Lothian, saw house prices fall to £155,303 and £213,870 respectively,” he said.

Registers of Scotland (RoS) is the government department responsible for compiling and maintaining registers relating to property in Scotland.