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Value of the Scottish Housing Market

The total value of the residential sales market in Scotland from 2007-08 to 2017-18 was £161.3 billion, according to the latest Property Market Report from Registers of Scotland. 

The newly published report details the trends in the Scottish land and property market from the pre-financial crisis period in 2007-08, through the subsequent economic downturn, to the latest trends in sales volumes and prices up to 2017-18.

Other key findings of the report include:

  • New-build property sales accounted for 11.7% of the all-Scotland sales in 2017-18, with a total of 11,969 sales.
  • The proportion of residential sales being registered with a mortgage fell from 84.5% in 2007-08 to 68.3% in 2016-17.
  • Non-residential sales had a total market value of £4.3 billion in 2017-18.
  • The annual volume of commercial leases decreased by 38.5% between 2007-08 and 2017-18, falling from 1,178 to 725.

“The Scottish property market is a significant component of the Scottish economy,” commented RoS’ Business Development and Information Director, Kenny Crawford. “In 2017-18, the total value of residential sales alone was £17.9 billion, an increase of 7.8% when compared with 2016-17.”

“We’ve also seen an increase in average house prices, up 13.2% when comparing 2017-18 with 2007-08,” he said. “Overall, house prices remained relatively stable until 2012-13, but have been generally increasing since then.”

“The volume of residential sales in 2017-18, at 102,430, remains substantially lower than the 149,145 sales recorded in the pre-financial crisis period in 2007-08,” he added. “However volumes in 2017-18 were the highest since 2007-08 and have been increasing year on year from the recent low of 70,507 in 2011-12.”

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For expert legal advice on buying or selling property in Scotland then contact our specialist property lawyers today.

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