Glasgow and Edinburgh are the main driving force behind a surge in the Scottish property market according to the latest study on the value of Scottish property.
According to data collected from the Registers of Scotland (RoS), sales in Scotland reached an eight-year high with levels not seen since 2008. Data showed that a total of 97,701 sales took place across the country in 2015, representing a substantial increase of 4.5% compared to the sales in the previous year.
However, the number of sales was driven by a massive increase in properties in both Edinburgh and Glasgow. Edinburgh had the largest volume of sales at 11,991 in 2015, up 8.3% on 2014 followed by Glasgow, up 12.2% to 11,616. The largest jump in the number of sales came in East Renfrewshire however which saw sales rise by over 13%. Aberdeen, burdened by the oil crisis had a decrease in the number of sales.
As well as the rise in the number of sales across Scotland, there was also a substantial increase in the overall value of property in the country. Property across Scotland rose on average, by 3.6% with a substantial increase in areas such as Glasgow and Edinburgh.
The average price of residential property increase to £169,402 with the highest average price being found in Edinburgh, where the average price for the year was £238,036, an increase of 4.9% from previous figures. Despite a slump in the overall number of sales, properties in Aberdeen still continued to grow in value with only East Renfrewshire having a decline in overall sales, dropping by 0.6%.
Concerning property type, detached and semi-detached properties represented the best value for money properties regarding selling on profit. Semi-detached houses showed the largest rise in price, up 3.4% to £157,995 while detached properties had the highest average price at £249,921. Although perhaps offering the best value when selling on, flats were still the easiest property types to sell.
Flats represented a whopping 36% of the market share with semi-detached properties accounting for just over 18% of all the properties sold. Registers of Scotland's director of commercial services, Kenny Crawford said: The total value of the residential property market continues to make a significant contribution to the Scottish economy. "In 2015, the market totalled £16.5 billion, an increase of 8.2% on the previous year. The Edinburgh property market represented over 17.2% of this figure, bringing in over £2.8 billion to the Scottish economy. This is significantly larger than the next biggest property market, Glasgow, with 9.8% of the market at £1.6 billion."
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