House sale volume up 18.2% – prices fall 8.4%

Registers of Scotland (RoS) said the volume of residential property sales in Scotland rose 18.2% to 19,802 during the January to March quarter compared to the same period last year.

RoS said this was the highest volume of sales for this period since the same quarter of the 2007-08 financial year.

The average Scottish house price in the quarter was £159,198 — a decrease of 8.4% compared to the same period of the previous year.

However, the total value of residential property sales across Scotland in the quarter increased by 8.3% compared with the same period of the previous year — to just more than £3.15 billion.

The highest percentage rise in volume of sales was recorded in Midlothian, south-east of Edinburgh, with an annual increase of 48% to 333 residential sales compared with the same quarter the previous year.

Edinburgh city recorded the highest volume of sales at 2,507, a rise of 22.4% compared with the same quarter the previous year.

The largest percentage fall in volume of sales was in East Renfrewshire, which showed a drop of 14.5% to 288 residential sales compared to the same quarter last year.

The highest percentage fall in price was recorded in East Lothian, with an average price of £207,2762, a fall of 16.5% compared with the same quarter the previous year.

East Renfrewshire had the highest average property price at £222,303, a fall of 7.9% compared with the same quarter the previous year.

The largest percentage jump in price was in North Lanarkshire — a rise of 6.6% to an average of £116,738.

For prices, the city of Edinburgh was the largest market with sales of over £554.6 million for the quarter, an increase of 3.3%.

Midlothian recorded the highest percentage increase in value with sales of over £63 million, an increase of 56.5% compared with the same quarter last year.

Aberdeen city showed the largest decrease in market value, a decrease of 22.7% to over £162.7 million compared to the same quarter last year.

All property types showed a decrease in average house price.

Detached properties showed the biggest decrease, down 11.6% to £236,249.

Semi detached, terraced and flat properties saw decreases in average house prices of 8.5%, 10.5% and 7.4% respectively.

All property types showed an increase in sales volumes, with flats showing the biggest volume increase at 24.2%.

These figures cover all residential sales between £20,000 and £1 million, including sales for cash not involving a mortgage.

“This time last year, we saw a spike in house prices, with an increase in the number of high value property sales … by comparison, this year has seen an increase in the volume of lower value properties being sold, which may account for this year’s lower average price,” said  Kenny Crawfor, Registers of Scotland director of commercial services.

“Future sales statistics will determine whether this is a one-off decrease, or whether this is a trend that will continue.”