finance

Average house price in Scotland increased by 92% since 2003



The average residential house price in Scotland has increased by 92% since the start of house price data collated from Registers of Scotland (RoS) in 2003-04.

It revealed in its annual Property Market Report 2020-21 that the average price of a residential property in Scotland in 2020-21 was £194,100.

It is an increase by 6.7% on 2019-20 and was up by 25% when compared with the pre-financial crash average price of £154,813 in 2007-08.

In 2003-04 the average residential property price was estimated to be worth around £100,987.

However, the sales volume remain 36% below the pre-financial crisis level peak of 149,944 sales in 2006-07.

The government department noted that the increased restrictions, due to the pandemic, led to a drop in sales being submitted to RoS for registration for the first quarter of this year.

It reported that property sales in Scotland had decreased by 6.5% from 102,053 sales in 2019-2020 to 95,428 in 2020-21.

However, the volumes of sales were 36% higher than sales in 2011-12, which reached a low of 70,334 sales.

RoS said the 2020-21 figure was the lowest volume when compared with the previous three financial years dating back to 2017-18.

The value of residential property sales for 2020-21 was £18.5 bn, a decrease of 0.2% when compared with last year.

This year marked the first decrease when compared with the previous year since 2011-12. The residential sales market value has increased every year from 2012-13 to 2019-20, but remains 19% below the pre-financial crisis level peak in 2007-08 – £22.9 bn.

The total market value of non-residential sales in 2020-21 was £2.8 bn. Commercial sales accounted for 71% of this total, with the remainder from sales of forestry, agriculture and land.

The non-residential market was also impacted by pandemic restrictions.

In particular, there was an adverse impact on the market value of the commercial sales market, with market values in 2020-21 being lower in every month than the market values last year, except for March 2020-21.

Accountable officer Janet Egdell said: “The combined market value of the residential and non-residential markets in 2020-21 was £21.3 bn – residential £18.5 bn and non-residential £2.8 bn- 4.9% lower than the previous year 2019-20. The combined market value remains 30% lower than the peak of the market in 2007-08 – £30.4 bn, but 24% higher than 2003-04 – £17.2 billion.”

Alan Cumming, national estate agency director at Aberdein Considine commented: “It’s no surprise that prices have risen significantly compared to 2019/20 with a substantial number of buyers and a shortage of property coming to the market.

“From the second half of 2020 family homes in particular have been selling like hotcakes and the market is hungry for new properties making this a great time to consider selling your home.”

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