3.5% increase in Scottish property prices

The property prices in Scotland have been steadily increasing for the past year reaching a new peak at the end of July 2015. According to a report published by Registers of Scotland on 28 July 2015, there is a 3.5% increase in the average property prices compared to the same period in 2014.  The current average has reached £167,765 for a home in Scotland which is the highest registered since Registers of Scotland has started collecting this data in 2003.

Property prices

The Registers of Scotland report also provides insightful data on the average prices of properties within different areas. Edinburgh ranks on top with average price of £237,286 for a home, which is 4.4% higher compared to the same period in 2014. The largest increase is recorded in West Dunbartonshire where prices are 10.1% higher than last year, reaching £120,822. On the other hand, the biggest price drop is in East Renfrewshire – 7%, with an average of £216,565 for a property.

Average property prices in Glasgow have increased with 7.1%, which is more than double the average increase for Scotland (3.5%). However, compared to other cities Glasgow properties are still much cheaper. The city ranks 21 on a list of 33 in terms of price, with an average of £138,185 per property. This means that buying a home in Glasgow is less expensive than more than half of the other cities in the Registers of Scotland report.

Table 1: Average Property Prices in Scotland

Source: www.ros.gov.uk

Number of properties sold

Despite the 3.5% increase in prices more and more people are buying properties in Scotland, with an overall increase of 1.6% in property sales compared to 2014. In this economic climate property purchases in Glasgow are flourishing. The city has seen an increase of 17.6% in sales compared to last year.  As a result Glasgow proves to be a more popular destination than Edinburgh, with 3,035 residential house sales in Glasgow, compared to 3,002 in the capital. On the contrary, the biggest decrease has been recorded in Aberdeenshire, where property sales have fallen with 18%.

Table 2: Property Sales in Scotland

Source: www.ros.gov.uk

Total value of sales

In general, across Scotland the total value of sales has increased by 5.1% to over £4.14 billion. This is the highest value recorded for this quarter in the past 7 years. With sales to the value of £712 million for this quarter, Edinburgh remains the largest market in Scotland. West Dunbartonshire, however, is the area that has seen the largest increase in value – 27%, with over £45 million worth of sales.

According to Property Wire the property market in Scotland is improving and there is an increased number of viewings, a tendency that is going to continue after the summer months. Given this and taking into account the great economic value properties in Glasgow have compared to other areas in Scotland, the city is expected to remain a popular destination for many.

If you are considering buying a property in Glasgow, HAP Lettings can provide you with extensive guidance and support throughout the process of finding your new home. Contact us today for more information on our properties.