Volume of Residential sales increase
Registers of Scotland have published statistics showing the volume of residential property sales in Scotland was 19,802 an increase of 18.2% during the fourth quarter (January to March) of financial year 2015/16 compared with the same period in the previous year. This is the highest volume of sales for this quarter since quarter four of 2007/08.
The highest percentage rise in volume of sales was recorded in Midlothian, with an annual increase of 48% to 333 residential sales compared with the same quarter the previous year. Edinburgh City recorded the highest volume of sales at 2,507, up 22.4% compared with the same quarter the previous year.
The average property price in the quarter was £159,198 a decrease of 8.4% compared to the previous year. The highest percentage fall was recorded in East Lothian, with an average price of £207,276, down 16.5% compared with the same quarter the previous year.
The total value of sales across Scotland registered in the quarter increased by 8.3% to just over £3.15 billion. The City of Edinburgh was the largest market with sales of over £554.6 million, up 3.3% on the previous year.
All property types showed a decrease in average house price in this quarter. Detached properties showed the biggest decrease. Semi Detached, Terraced and Flatted properties also saw decreases in prices. All property types showed an increase in sales volumes, with Flats showing the biggest.
These figures cover all residential sales between £20k and £1m, including sales for cash not involving a mortgage.
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