Residential property sales reach £16.5bn

The value of residential property sales in Scotland rose 8.2% to more than £16.5 billion in 2015, according to Registers of Scotland (RoS).

A total of 97,701 sales took place across Scotland in 2015, the highest since 2008, and an increase of 4.5% on the previous year.

Edinburgh had the highest volume, with 11,991 sales in 2015, up 8.3% on 2014.

This was closely followed by Glasgow, up 12.2% to 11,616. East Renfrewshire had the largest annual growth in volume, with a 13.1% increase to 1,861.

Aberdeenshire saw the largest decrease in volume, down 11.8% to 5,108.

The average price of a residential property in Scotland rose 3.6% to £169,402.

The highest average price was in Edinburgh, up 4.9% to £238,036.

The highest annual change in average price was in West Lothian, rising 9.1% to £161,014 in 2015.

“The total value of the residential property market continues to make a significant contribution to the Scottish economy,” said Kenny Crawford, Registers of Scotland’s director of commercial services.

“In 2015, the market totaled £16.5 billion, an increase of 8.2% on the previous year.

“The City of Edinburgh property market represented over 17.2% of this figure, bringing in over £2.8 billion to the Scottish economy.

“This is significantly larger than the next biggest property market, Glasgow, with 9.8% of the market at £1.6 billion.”

While the average price for all property types increased in 2015, semi-detached houses showed the largest rise in price, up 3.4% to £157,995.

Detached properties had the highest average price at £249,921.

Flats had the highest volume share, claiming 36.2% of the total market.

The lowest share of the market was semi-detached houses, with 17,974 transactions accounting for 18.4% of the market.

These statistics cover all residential sales between £20,000 and £1 million, including those that did not involve a mortgage.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.