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House prices up 42,000 in decade - Scotland


06-05-2014

 

By Press Association

The year-on-year value of total residential sales grew by more than 22 per cent to almost 14 billion pounds in 2013-14

PA


House prices have risen by more than a third over the last decade, according to a report which found the market is now showing "real signs of recovery" since the 2008 economic downturn.


The average price for a home in 2013-14 was 157,476, up almost 37% from the 115,056 recorded in 2004-05, according to a long-term report by Registers of Scotland (RoS).

The year-on-year value of total residential sales grew by more than 22% to 13.8 billion in 2013-14, the highest level since the market hit a pre-downturn peak in 2007-08.

Furthermore, the number of residential properties sold for over 1 million has more than doubled in a decade, the figures showed.

Overall, the total value of residential sales in Scotland in the 10 years since April 2004 was 148.7 billion, contributing an average of almost 14.9 billion each year to the economy.

The analysis of trends in the land and property sector is contained in a 10-year property market report by RoS, taking in the peak years and events in the wake of the economic downturn.

It found that despite a 53% drop in the volume of residential sales between 2006-07 and 2011-12, average house prices have still gone up 36.9% in a decade.

The average prices of all residential property types have increased "significantly" since 2004.

Flats have risen 27% to 122,840 while the average price for a detached house in 2013-14 was 236,531, up 28% on 2003-04.

In terms of volumes, the height of the market was in the second quarter of 2007-08, with 42,493 residential sales applications. The lowest level was 11,787 in the fourth quarter of 2008-09.

The total number of properties sold for 1 million or more has increased almost 120% from 2004-05 to 2013-14.

The total worth of the high value residential market has increased "significantly", experiencing an increase of 134% in 10 years, the report said.

Edinburgh maintained the highest portion of the market in Scotland with a 51% share of the value of all sales across the decade.

A property in East Lothian remains the most expensive property to be registered in the last 10 years, having sold for 5 million in 2007.

RoS director of commercial services Kenny Crawford said: "It's been an interesting decade for the Scottish property market, which is now showing real signs of recovery since the economic downturn in 2008."

Enterprise minister Fergus Ewing said the statistics highlight recent growth in the property market.

"These figures are extremely encouraging, especially when viewed alongside the wider indicators of strength in the Scottish economy, where Scotland is outperforming the UK on employment, unemployment and economic activity," he said.

"The Scottish Government and our enterprise agencies are doing all we can to build sustainable economic growth for Scotland, including by supporting property and business infrastructure requirements that meet the needs of Scotland's growth companies and sectors.

"The recovery in Scotland's economy is continuing to make headway but there is no room for complacency."

www.thecourier.co.uk

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