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Scottish property market worth £18.2 billion

Three key figures for 2018-19:

£178,991, the average price of a residential property in Scotland;

101,628, the volume of residential property sales in Scotland;

£18.2 billion, the value of residential property sales in Scotland

The latest statistics from Registers of Scotland’s Property Market Report 2018-19 show that the value of residential property sales in the financial year 2018-19 was £18.2 billion, an increase of 1.6 per cent when compared with 2017-18. The residential sales market has increased by 67 per cent since 2009-10 and reached an 11-year-high in 2018-19, but remains 21 per cent below the pre-financial crisis level in 2007-08 (£23.1 billion). The Property Market Report is the main statistical compendium publication from Registers of Scotland. It details the major trends in the Scottish land and property market since 2003-04, includes residential and non-residential markets as well as key statistics on house prices and sale transactions. The average price of a residential property in Scotland in 2018-19 was £178,991, up 2.2 per cent on 2017-18 and 16 per cent when compared with the pre-financial crash average price of £154,817 in 2007-08. Since 2003-04, the start of RoS house price data, the average residential property price in Scotland has increased by 77 per cent. The volume of residential property sales in Scotland has risen by 44 per cent since the recent low in 2011-12 to 101,628 sales in 2018-19. The sales volume remains 32 per cent below the pre-financial crisis level peak of 150,455 sales in 2006-07. In the past year, sales have fallen slightly by 0.5 per cent. The report also looks at the non-residential market. The total market value of all types of non-residential sales in 2018-19 was £4.0 billion. Commercial sales accounted for 81 per cent with the remainder from sales of forestry, agriculture and land. 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.’ Further findings from the report include: 12 per cent of residential property sales in Scotland in 2018-19 were new-builds, the highest proportion since 2008-09. 28 per cent of all residential properties sold in Scotland in 2018-19 were located within one of Scotland’s seven cities with most sales in Glasgow. 69 per cent of residential sales transactions in 2018-19 were with a mortgage, with cash sales accounting for the balance. There were 181 residential property sales for more than £1 million in 2018-19, two-thirds of which were in the City of Edinburgh (119 sales). Further information on trends in cash and mortgage-financed sales volumes, the market within Scotland’s seven cities and local authorities, sales of properties within new-build developments and trends by house type can be found in the report and accompanying data tables.

BIG RISE IN NUMBER OF FIXED-RATE BUY TO LET MORTGAGES FOR LIMITED COMPANIES

There’s been a significant rise in the number of fixed-rate buy to let mortgages available to limited companies, says independent mortgage market monitor Moneyfacts. Last year saw the start of the phasing-out of tax relief for individual BTL landlords, pushing many into becoming limited companies – and thus not losing the relief. However, Moneyfacts says… Continue Reading

MINIMUM EPC RATINGS? NOT IN SCOTLAND…YET

There is currently a lot of press coverage about landlords having to ensure their property meet a minimum EPC rating from April 1, 2018, but please note that this legislation doesn’t apply to Scotland. Scotland is a bit further behind England and Wales in this respect. The Scottish Government consulted on plans to introduce a… Continue Reading

FALL IN HOME-OWNERSHIP FOR YOUNG ADULTS

A decline in the home-ownership rate of young adults in Great Britain is an issue that has risen to the top of the political agenda. Chances of owning home in UK have more than halved in 20 years, Institute for Fiscal Studies says. Today’s young adults are significantly less likely to own a home at… Continue Reading

TENANCY DEPOSITS – A FEW FREQUENTLY ASKED QUESTIONS

Since 2012, landlords in Scotland have been required to ensure they lodge any tenancy deposit with one of three approved tenancy deposit schemes within 30 days of the start date of the tenancy. Additionally, the landlord must provide the tenant with specific information relating to the tenancy and the deposit. Failing to do any of… Continue Reading

A NUMBER OF RULES AND REGULATIONS GOVERN LANDLORDS LEASING OUT PROPERTIES AS HMOS.

An HMO is a ‘house in multiple occupation’, in which there are multiple residences found under one roof. Tenants in these individual residences share common areas, such as stairwells, landings, kitchens, toilets, bathrooms or communal living space. In accordance with the Housing Act 2004, a property is deemed an HMO if there are three or… Continue Reading

THINKING OF BUYING YOUR FIRST HOME?

In the New Year many of us make resolutions or set goals for the coming year. Could 2018 be the year you finally buy your own place? There are so many questions to ask when buying your first home. How much deposit do I need? Can I afford the payments? Let’s look at some of… Continue Reading

BE READY FOR 2018!

Well 2017 is drawing to a close and I hope you have all had a relaxing and enjoyable Christmas with friends and loved ones. This is also a time when many of us look ahead to the New Year.What will 2018 bring? A big move, buy your first home or purchase that holiday home you’ve… Continue Reading

TOP FIVE MOST COMMON WINTER HOME PROBLEMS

Landlords can often find that winter is the busiest period of the year, largely because tenants may experience the most problems. Many of the problems that will arise at this time of the year will be quick fixes, or even things you can deal with in advance, but as a landlord, it’s important to know… Continue Reading

TAX ISSUES FORCE HALF OF LANDLORDS INTO RETHINK

Almost half of landlords in the UK – 47 per cent – have changed their investment plans based on tax changes, according to new research. Landlords consider changes to tax relief as the biggest influence on their investment strategy, with 25 per cent ranking it as their primary concern, above changes to capital gains tax… Continue Reading