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06/02/2014

House Sales Increase Sharply – Report

Latest figures have suggested that the number of homes being sold in Scotland rose sharply in the last quarter.

Figures from the Registers of Scotland revealed the number of properties sold increased by 26.1% when compared to the same quarter a year previously.

Some 25,579 properties were sold between October and December, which is the highest on record since 2008.

The findings also showed that prices had increased by just over 3% to take the average cost of a home to £159,670.

Looking at the different locations, the most expensive area to purchase a home in Scotland was East Renfrewshire with the average price £222,906. The capital, Edinburgh, had the largest number of sales with 2,951 properties exchanging hands. This was followed by Glasgow with 2,569 completed sales.

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Elsewhere, East Lothian had the highest percentage rise in prices with the average price jumping 14.9%, from £182,330 to £209,566; while the largest percentage fall in average house prices was in Inverclyde, where values fell by 8.7% to £116,085.

Kenny Crawford, Registers of Scotland's Director of Commercial Services, said: "The Scottish property market is definitely showing signs of improvement and renewed optimism, possibly partially fuelled by an influx of first-time buyers thanks to schemes such as Help To Buy.

"All property types showed an increase in average house price, the biggest being in detached properties, up 2.2%, with this type showing the biggest increase in sales volumes of 26.3%, followed by terraced properties up 26%."

(JP/CD)

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