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Sales up almost 5% in Scotland but prices down
Property sales in Scotland increased by almost 5% year on year in the second quarter of 2016 but prices have fallen by 2.3% over the same period, according to the latest official data to be published. Sales were up 4.9% to 25,760, the data from the Registers of Scotland shows, the highest volume of sales for this quarter since 2008/2009 with the average property price down to £164,326. A breakdown of the figures show that the highest percentage rise in volume of sales was recorded in Argyll and Bute, with an annual increase of 24.5% compared with the same quarter the previous year. Edinburgh City recorded the highest volume of sales at 3,178, a rise of 8.6%. The largest percentage fall in volume of sales was in Aberdeen City, which showed a drop of 19.5% to 1,063 residential sales compared to the same quarter last year. The highest percentage fall was recorded in West Dunbartonshire, with an average price of £105,859, a fall of 12.7% compared with the same quarter the previous year while East Renfrewshire recorded the highest average at £241,364, an increase of 11.7% compared with the same quarter the previous year, which was also the largest percentage rise of all the local authorities over the year. The total value of sales across Scotland registered in the quarter increased by 2.5% compared to the previous year to just over £4.2 billion. The City of Edinburgh was the largest market with sales of £745.7 million for the quarter, an increase of 7.1% on the previous year. South Ayrshire recorded the highest increase in value with sales of £92.2 million, an increase of 27.8% compared with the same quarter last year. Aberdeen City showed the largest decrease in market value, a decrease of 24.4% to £223.8 million compared to the same quarter last year. All property types showed a decrease in average house price in this quarter. Terraced properties showed the biggest decrease down 5.6% to £132,700. Detached, semidetached and flats saw decreases in average house prices of 3.7%, 0.8% and 4.0% respectively. With the exception of detached properties, all property types showed an increase in sales volumes with flats showing the biggest increase at 11.2%. The volume of sales of detached properties decreased by 3.4%. The rise in property sales in Scotland over the last quarter indicates that there is still confidence in the market, according to Michelle Grant, investment director of Grant Property. ‘From a price perspective we are surprised to see a decline. On the ground we are still seeing prime city centre properties in Glasgow and Edinburgh selling for between 10% to 20% over home report valuation,’ she added. Simon Brown, partner and head of residential sales at CKD Galbraith, believes that the Scottish property market has remained resilient to political and economic changes despite the uncertainty of Brexit. ‘As a firm we have not experience any negative effects or hesitancy from… Continue reading
Wales has lowest median house price while Kensington in London has the highest
Blaenau Gwent had the lowest median house price in England and Wales in 2014 at £75,000, a sharp contrast to the highest in the London borough of Kensington and Chelsea at £1.19 million, official figures show. The data from the Office of National Statistics (ONS) also reveals a sharp north/south divide when it comes to property prices in the country as house prices in London surged by 32% last year, leaving the rest of the country trailing. Every area of the country where property prices increased by over 20% were in the capital, while areas in the north saw homes fall by almost a quarter in value. The figures also look at home prices according to council areas. These show that the local authority that had the largest increase in median house price between 2013 and 2014 is South Bucks increasing by 23% from £390,000 to £480,000. The local authority that had the largest decrease in median house price between 2013 and 2014 is Isles of Scilly decreasing by 15% from £275,000 to £235,000. Figures were also released according to Parliamentary constituencies. Walthamstow in north east London saw the highest house price growth last year, up by 32%, taking the average price of a home from £250,000 in 2013 to £330,000 last year. While in Hammersmith prices increased by 25% from £456,000 to £570,000 on average. Dulwich, Westminster, Tottenham, Lewisham, Chelsea and Islington, representing Parliamentary constituencies across the capital make up the top 10 constituencies for house price growth. Nottingham East is the only area outside of the capital and its surrounding areas which made it into the top 25 constituencies for property price increases with 19% growth taking the typical price from £92,500 to £109,950. Bradford West suffered the worst property slump in the country with prices dropping 23% and in Blaydon in the north east the price of homes fell 5% with Rotherham in South Yorkshire also seeing a 5% drop. Data looking over the last decade shows that the biggest house price rises have been in Kensington in London with a 550% rise to £1.15 million, followed by the City of London and Westminster with a 535% rise to £980,000. Other popular commuting areas in London also saw a big rise such as Tooting with a jump of 515% taking the typical home price to £497,750 while Westminster North was up 50% to £700,000 and Vauxhall up 507% to £485,000. Continue reading
Prices in Scotland up over 13% year on year, latest official data shows
House prices in Scotland rose by 13.3% in the first quarter of 2015 compared to the same period in the previous year, according to official statistics published by the Registers of Scotland (RoS). The average house price in Scotland from January to March was £173,830, the highest figure recorded for any quarter since RoS began compiling quarterly statistics in 2003. RoS head of data, Hugh Welsh, said Scotland has seen sustained growth in house prices throughout the last 12 months with January to March's figures representing the highest quarterly increase in average prices since 2008. ‘Future sales statistics will determine whether this is a one-off spike in quarter four average prices, or whether this is a trend that will continue,’ he added. All local authorities in Scotland showed a rise in average property prices. The highest percentage rise was in East Lothian, up 28.6% on the same period in the previous year to an average of £248,902. The total volume of sales across Scotland was 16,946, a decrease of 4.7% on the same quarter in the previous year. This is the second consecutive quarter that has seen sales volumes decrease, and is the highest annual decrease in sales volumes since 2012. West Dunbartonshire showed the largest percentage rise in the number of sales, with an increase of 10.6%. The biggest percentage decrease was in Midlothian, which dropped 28.1% to 233 residential house sales. The total value of sales across Scotland registered in the quarter increased by 8% to just under £2.95 billion compared to the previous year. This represents the highest value of sales for this quarter since 2008. The City of Edinburgh recorded both the highest average for the quarter at £260,647, a rise of 21.4% and the highest volume of sales, with 2,123 property sales. It also accounted for Scotland's largest market value with sales of just over £553 million for the quarter, an increase of 29.2% on the previous year. All property types showed an increase in average house price, with semi-detached properties recording the largest increase at 15%. With the exception of detached properties which saw an increase in sales volumes of 9.1%, the volumes of all property types decreases, with flats showing the biggest decrease at 9.1%. CKD Galbraith property consultancy, said its own sales figures largely supported statistics issued today by Registers of Scotland showing a significant growth in the values of property being sold. Simon Brown, partner and head of residential sales at CKD Galbraith, said the firm has continued to experience increased demand, which has also led to rising prices achieved across many areas of the country. ‘Last year was a time of steady growth in the property market, despite some uncertainty around the referendum period. This growth has continued into 2015, and although the introduction of the Land and Buildings Transaction Tax created a slight spike in high end sales at the very start of the year, this will be more readily seen in the next quarter’s… Continue reading
