Taylor Scott International News
Residential property sales in Scotland exceeded £16.5 billion in 2015, according to the latest statistics published by Registers of Scotland (RoS). A total of 97,701 sales took place across the country last year, the highest annual figure since 2008, and an increase of 4.5% compared to the previous year. Edinburgh had the largest volume of sales at 11,991 in 2015, up 8.3% on 2014 followed by Glasgow, up 12.2% to 11,616. East Renfrewshire experienced the largest annual growth in the volume of sales, with a 13.1% increase to 1,861. Aberdeenshire saw the largest decrease in volumes, down 11.8% to 5,108. The average price of a residential property rose in 2015 by 3.6% to £169,402 and the local authority area with the highest average price was Edinburgh, where the average price for the year was £238,036, an increase of 4.9% on 2014. The highest annual change in average price was in West Lothian, up 9.1% to £161,014 in 2015. The only local authority area to show a slight decrease in average price was East Renfrewshire, down 0.6% to £227,369. 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 have 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. ‘The total value of the residential property market continues to make a significant contribution to the Scottish economy,’ said Registers of Scotland's director of commercial services, Kenny Crawford. ‘In 2015, the market totalled £16.5 billion, an increase of 8.2 per cent on the previous year. The 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,’ he added. Taylor Scott International
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