Sales volumes continued to rise in Scotland in spring

The latest Registers of Scotland quarterly report revealed that between April and June 2019, the number of residential properties sold in Scotland was up by 4.6% compared to the same period last year.

This increase was particularly pronounced in Argyll and Bute, which saw the greatest year-on-year increase in sales volume at 18.0%.

The total value of residential property sales in Scotland rose by 6.2% compared to the previous year, while the average selling price in the country rose by 1.5% year-on-year to £178,832.

Properties in East Lothian experienced the largest increases in average selling price, which rose by 14.4% to £260,499. Dundee saw the greatest increase in total value of residential properties sold, rising by 22.2% compared to last year.

Properties in Edinburgh were sold for the highest price on average at £265,131, which was a 1.4% increase compared to the previous year. Properties in East Lothian and East Dunbartonshire experienced the second and third highest average selling prices at £260,499 and £252,105 respectively.

The average selling price for Glasgow properties during this period was £159,204, which was a 2.8% increase compared to last year. Glasgow achieved the greatest volume of residential property sales from April to June 2019, with 2,976 sold properties, which comprised 11.5% of the total sales volume in Scotland and was 6.9% up compared to the previous year. Edinburgh was just behind Glasgow with 11.3% of the sales volume in Scotland (2,907 sold properties), and this was a 7.4% increase compared to the previous year.

In the south of Scotland, properties in the Scottish Borders saw a dip in average selling prices, dropping by 5.8% to £167,210. The volume of properties sold decreased by 4.3%. In Dumfries and Galloway, average selling prices remained relatively steady, rising by 1.1% year-on-year to £141,062. However, there was a reasonably significant increase in the number of residential properties sold in these areas, rising by 9.6% compared to the previous year.

North of the central belt, average selling prices in Dundee rose by 5.5% to £148,415, while sales volume increased by 15.8% year-on-year, suggesting relatively strong demand for properties in the city. Selling prices in Aberdeen remained relatively steady, rising by 0.8% to £201,801. However, the volume of residential properties sold in the Granite City dipped by 10.4% year-on-year.

Paul Hilton, Chairman of SPC Scotland, said: ‘The most recent quarterly statistics from Registers of Scotland suggest the Scottish property market remains relatively stable in the face of political uncertainty in the UK. The average selling price rose slightly year-on-year while the sales volume also increased.

‘There appears to be strong demand for properties in East Lothian and Dundee, with the former experiencing the greatest increase in average selling price year-on-year, and the latter achieving the greatest increase in total sales value year-on-year.

‘Whilst buyer and seller sentiment might change as we approach the next Brexit date, currently there generally appears to be a healthy number of buyers and sellers alike.’

SPC Scotland is a property network made up of a collaboration of solicitors property centres from throughout Scotland. We offer a unique insight into the Scottish property market, with access to market trends and data as well as thousands of homes for sale and experts on hand to offer advice on all aspects of home ownership.