91热爆

Average house price rises by 2.2% in Scotland

Heriot Row, EdinburghGoogle

Two-thirds of residential property sales worth more than 拢1m last year were in Edinburgh

The average price of a Scottish home has risen marginally in the last year, according to official records.

Registers of Scotland found the average cost of a residential property rose by 2.2% to 拢178,991 in the 2018-19 financial year.

Overall the value of residential property sales reached 拢18.2bn, which was a year-on-year increase of 1.6%.

The figure represented an 11-year high, but remained more than 20% below its pre-financial crisis level in 2007-08.

Meanwhile, the volume of sales in Scotland was down slightly, at 101,628, in 2018-19.

The 2018-19 report also found:

  • There were 181 residential property sales for more than 拢1m, two-thirds of which were in the City of Edinburgh local authority area (119 sales).

  • 12% of residential property sales in Scotland were new-builds - the highest proportion since 2008-09.

  • 28% of all residential properties sold were located within one of Scotland's seven cities - with most sales in Glasgow.

  • 69% of residential sales transactions were with a mortgage, with cash sales accounting for the balance.

Midlothian had the largest increase in the average price over the previous financial year, rising by 8.1% to 拢220,011.

Scottish Borders recorded the largest decrease, reducing by 2.6% to 拢178,9886.

House prices in Aberdeen have been affected by the downturn of the oil industry, according to Registers of Scotland.

Average prices in Aberdeen City and Aberdeenshire have fallen by about 9% since 2014-15 to 拢196,511 and 拢212,501 respectively.

'Significant' market

The report also found that the total market value of all types of non-residential sales last year was 拢4bn.

Commercial sales accounted for 81%, with the remainder from sales of forestry, agriculture and land.

Janet Egdell, from Registers of Scotland said: "The Scottish property market is a significant component of the Scottish economy.

"In 2018-19, the total value of residential sales continued to rise, largely due to average prices continuing to increase while the volume of sales has levelled off in recent years."

More on this story