Blog

Latest News From Complete Clarity Solicitors

The latest legal news & family, employment, personal injury and wills & succession law news from Complete Clarity Solicitors.
2 minutes reading time (309 words)

Sharp Rise in Cash House Sales over £500,000

There has been a sharp rise in the number of cash sales of houses worth over half a million pounds, with numbers increasing by 19.6% in 2014 according to figures from Registers of Scotland (RoS).

RoS defines a cash sale as an application for registration of a market value transfer of a residential property which is not accompanied by a mortgage application. In total, 599 homes were sold for upwards of £500,000 and paid for in cash last year, compared to 501 in 2013.

The City of Edinburgh had the highest cash sales volume in 2014, with 254 residential properties. Aberdeen City had the second highest with 50, while Glasgow City came in third with 34.

“These figures indicate an increase in cash-rich buyers at the high end of the property market, particularly in Edinburgh, which had the same number of high-value cash sales as the remaining top ten areas combined,” commented Kenny Crawford, director of commercial services at RoS.

"Across Scotland, 32.4% of homes worth over £500,000 were paid for in cash last year, compared to 34.4% in 2013,” he added. “The picture with properties over £1 million is very different, with cash sales accounting for 48.9% of the market in 2014 compared to 42.3% the previous year."

Aberdeen City had the most expensive individual cash sale at £3.07 million. This was also the highest value sale to be registered in 2014 across all transactions, including those that included mortgages.

The second most expensive individual cash sale was in East Lothian at £3 million, while the third highest was in Fife, costing £2.6 million.

Contact our Solicitors in Edinburgh

To find out how our specialist solicitors based in Edinburgh, Scotland can help you please click here to fill out our online enquiry form or call us today on 0808 231 3387. We look forward to hearing from you.

MEPs Back Small Debt Recovery Plans
Reforms of the Private Rental Sector

Related Posts

Get in touch

We’re here to help

Please let us know your name.
Please let us know your Surname.
Please let us know your Email.
Please let us know your phone number.
Please let us know your selection.
Please let us know your message.
Do you require legal aid?

Sorry, we do not offer legal aid.

What happens next?

View our process