House sales drop

Second quarter statistics for Scottish property sales reveal a 2.1% dip in the number of houses sold compared to the same period last year.

In addition, the average price of a home in Scotland dropped by 2.3% taking the cost of a residential property to £159,310.

Official statistics were published by Registers of Scotland, covering all residential sales, including those that did not involve a mortgage.

Registers of Scotland’s Director of Commercial Services Kenny Crawford remarked:

“The national picture for July-September 2012 shows 19,868 properties were sold. This is the lowest volume of sales in this quarter since records began in 2003 and is less than half of the number of properties sold in Scotland when the market was at its peak in 2007/08.

“Glasgow had the most sales with 2198; nudging the city ahead of Edinburgh where 15 fewer properties changed hands. Prices in Edinburgh grew modestly, with the average cost of a home in the capital increasing by 1.4%. Edinburgh remains the most expensive place to buy in Scotland, followed by East Dunbartonshire and East Lothian. Meanwhile, in Glasgow, average values dropped 5.1%.

“Figures varied widely from local authority area to area. East Dunbartonshire saw a significant 10.5% rise in volume of sales, alongside an 8% increase in average price, making it one of the strongest performing areas in Scotland.

“For first-time buyers, the 2.3% drop in average values may be welcome news. As ever, taking that first step on to the property ladder is easier to achieve in some areas than others and our statistics can help potential buyers work out where these are.”

For the full picture and detail, read the Registers of Scotland Official Statistical Release at www.ros.gov.uk/public/news/quarterly_statistics.html.