Scots house sales total £148bn in 10 years

The value of residential house sales in Scotland from 2006 to 2016 was £148.2 billion, according to a new report published by Registers of Scotland (RoS).

In the past year alone, the value of residential sales in Scotland was £16.7 billion.

The report reveals average house prices in Scotland rose 19.7% between 2006-07 and 2015-16, from £139,207 to £166,624.

Median gross annual earnings, by comparison, rose 22.6% over the same period.

The fourth annual 10-year property market report by RoS details the trends in the land and property market over the decade’s peak years and in the wake of the economic downturn.

Kenny Crawford, RoS’ director of commercial services, said: “The Scottish property market is a significant contributor to the Scottish economy.

“In 2015-16, the total value of residential sales alone was £16.7 billion.

“We’ve also seen an increase in average house prices over the decade, up 19.7% between 2006-07 and 2015-16, from £139,207 to £166,624.

“This compares to a rise in median gross annual earnings of 22.6% between 2006 and 2015.”

The RoS said its 10-year property market report takes data from every property transfer in Scotland, including those without a mortgage, “making this the most comprehensive property transaction report in the country.”

Other key findings include:

  • a 16.9% increase in the number of residential properties sold for over £1 million
  • a drop of 36.9% in the number of sales being registered with a mortgage
  • an increase in commercial leases, from 908 in 2006-07 to 3,026 in 2015-16

Read full report here: