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Scottish property market worth £18.2bn, report finds

It marked an 11-year high as the average price of a residential property hit £178,991.

Two-thirds of the 181 sales that were more than £1m were in Edinburgh (Steve Parsons/PA)
Two-thirds of the 181 sales that were more than £1m were in Edinburgh (Steve Parsons/PA)

The Scottish property market was worth £18.2 billion in 2018/19, according to a report.

Figures from the Registers of Scotland’s Property Market Report 2018-19 indicate a 1.6% increase in value compared with 2017-18.

It marked an 11-year high, but is still below a pre-financial crisis figure of £23.1 billion in 2007-08, as the average price of a residential property in Scotland hit £178,991.

The average price is a 2.2% increase on 2017-18 and 16% compared with 2007-08.

The volume of sales in 2018-19 fell slightly by 0.5% to 101,628 – but was still 44% up since the recent low in 2011-12.

Accountable officer Janet Egdell said: “The Scottish property market is a significant component of the Scottish economy.

“In 2018-19, the total value of residential sales continued to rise, largely due to average prices continuing to increase while the volume of sales has levelled off in recent years.”

Of the residential sales in 2018-19, 12% were new-builds and 28% were in Scotland’s seven cities with the most sales in Glasgow.

Two-thirds of the 181 sales that were more than £1 million were in Edinburgh.

According to the report, in the non-residential market the total value was £4 billion for 2018-19 with 81% in commercial sales.

The remainder was made up of sales from forestry, agriculture and land.

PA

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