Scottish Property Sales Market Overview24 Jun 2019
Market Overview – Looking at all the numbers and forecasts the Scottish market is still strong especially in Edinburgh and Glasgow. Registers of Scotland found the average cost of residential property rose by 2.2% to £178,991 in the 2018-19 financial year. Yes, this is good news but in theory, the start of 2019 has been slow and the number of properties coming to the market has fallen. Land Registry reported 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 £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.|
‘Brexit’ has had an impact but we are beginning to see a slight shift with more new properties coming to the market. Lending is still cheap so first time buyers are taking advantage of this as well as buy to let investors!