The value of Scottish residential property sales in the financial year 2018-19 rose 1.6% to £18.2 billion, according to latest statistics from Registers of Scotland’s Property Market Report 2018-19.
The residential sales market has now increased 67% since 2009-10 and reached an 11-year-high in 2018-19, but remains 21% below the pre-financial crisis level in 2007-08 of £23.1 billion.
Since 2003-04, the start of Registers of Scotland (RoS) house price data, the average residential property price in Scotland has increased by 77%.
There were 181 residential property sales for more than £1 million in 2018-19, two-thirds of which were in the City of Edinburgh, with 119 sales.
The Property Market Report is the main statistical compendium publication from Registers of Scotland.
It details the major trends in the Scottish land and property market since 2003-04, includes residential and non-residential markets as well as key statistics on house prices and sale transactions.
The average price of a residential property in Scotland in 2018-19 was £178,991, up 2.2% on 2017-18 and up 16% when compared with the pre-financial crash average price of £154,817 in 2007-08.
The volume of residential property sales in Scotland has risen by 44% since the recent low in 2011-12 — up to 101,628 sales in 2018-19.
The sales volume remains 32% below the pre-financial crisis level peak of 150,455 sales in 2006-07. In the past year, sales volume fell slightly by 0.5%.
The report also looks at the non-residential market.
The total market value of all types of non-residential sales in 2018-19 was £4 billion. Commercial sales accounted for 81% with the remainder from sales of forestry, agriculture and land.
Commenting on the figures, Accountable Officer, 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.”
Further findings from the report include:
- 12% of residential property sales in Scotland in 2018-19 were new-builds, the highest proportion since 2008-09.
- 28% of all residential properties sold in Scotland in 2018-19 were located within one of Scotland’s seven cities, with most sales in Glasgow.
- 69% of residential sales transactions in 2018-19 were with a mortgage, with cash sales accounting for the balance.