Latest Housing Sales Statistics Released

31st July 2012

Sales volumes soar whilst average property prices decrease by 0.2 per cent.

Registers of Scotland published statistics today showing that the total volume of sales across Scotland registered during the first quarter of 2012/13 was 18,514, an increase of 9.2% on the same quarter the previous year. East Ayrshire showed the largest percentage fall in the number of sales with a decrease of 4.9%. East Lothian showed the largest percentage rise with an increase of 36.6% in total sales compared to the same period in the previous year. The City of Edinburgh recorded the highest sales volume with 2,037 residential house sales, an increase of 8.4% on the previous year.

But whilst sales volumes increased, the average price of a residential property in Scotland decreased by 0.2% during the first quarter (April to June) of the financial year 2012/13 compared with the same period the previous year. The average price of a residential property for this quarter was £153,501.

The highest percentage rise was recorded in Moray with an average price of £144,813, a rise of 7% compared with the same quarter the previous year. The City of Edinburgh recorded the highest average price of £220,428, an increase of 5.6% compared with the same quarter the previous year. The largest percentage fall in price was in Scottish Borders which showed a drop of 13.3% with an average price of £163,222.

The total value of sales across Scotland registered in the quarter increased by 9.0% compared with the previous year to just under £2.85 billion. The City of Edinburgh remains the largest market with sales of over £449 million for the quarter, an increase of 14.5% over the same quarter last year. Moray showed the highest percentage rise with the value of sales increasing by 40.1% compared to the previous year.

Semi-detached properties showed an increase of 1.7% in average house price to £142,434, while the other property types showed a decrease in average house price in this quarter. All property types showed an increase in sales volumes, with terraced properties showing the highest increase at 11.7%.

Rhona Mackay, Commercial Services Manager, Registers of Scotland, commented: "Sales volumes have changed dramatically in recent years, from a healthy 42,503 sales in the second financial quarter of 2007 to when the market crashed in the fourth financial quarter of 2009 with a disappointing 11,800 sales. The recent hike in sales may be further boosted when the new Funding for Lending scheme, which aims to improve the availability of credit and ultimately to get growth going in the UK economy, begins next month. The Bank of England has provided for a 5% increase in funds for lending - up to £80 billion - over the next 18 months, so the scheme has the potential eventually to deliver a substantial boost to the UK economy."

Property sales in Highland dropped from from 730 to 673 a drop of 8.5% for the quarter Arpil to June comparing 2011 and 2012.

To see statistics and comparisons with last year see -
http://www.ros.gov.uk/pdfs/ros_statistical_release_apr-jun2012.pdf.pdf

Many more tables of statistics are available on the Registers of Scotland web site -
http://www.ros.gov.uk/public/news/quarterly_statistics.html