When we look back at the most recent Registers of Scotland published statistics (October 2015) they show the volume of residential property sales in Scotland was 28,019 up 6.5% on the second quarter of financial year 2015-16 compared with the same period in the previous year. The highest percentage rise in volume of sales was recorded in West Lothian, up 23.1% compared with the same quarter the previous year. Edinburgh City recorded the highest volume of sales 3,530, a rise of 9.6% compared with the same quarter the previous year. The largest percentage fall in volume of sales was in Aberdeenshire, which showed a drop of 13.5% residential sales compared to the same quarter last year. The total value of sales across Scotland registered in the quarter increased by 6% compared to the previous year to over £4.74 billion. This represents the highest value of sales for any quarter since quarter one of 2008-09. The City of Edinburgh was the largest market with sales of over £805 million for the quarter, an increase of 6.2% on the previous year. West Lothian recorded the highest increase in value with sales of over £148 million, an increase of 31.5% compared with the same quarter last year. Aberdeenshire showed the largest decrease in market value, a decrease of 16.6% to just over £323 million compared to the same quarter last year. The average Scottish property price in the quarter was £169,397 a drop of 0.5% compared to the previous year. -------------------------------------------------------------------------------------------------------- Let’s have a look at some of the specific areas and see how they are performing….
The well-documented economic challenges confronting the market in Aberdeen are due to the collapse in the price of oil which has severely and negatively impacted property sales.
Employment opportunities have fallen and the prospects for the next 12 months offer little in the way of hope as the oil economists anticipate little by way of improvement in the near future.
This commentary is borned out unfortunately in the recent Registers of Scotland figures which show that for the second quarter, year-on-year ,Aberdeenshire showed the largest decrease in market value, a decrease of 16.6% to just over £323 million compared to the same quarter last year. The city recorded a fall in prices of 2.2% while the decline for the county area was higher at 3.5%. This is an area we will watch closely in 2016.
Ayr & Troon/Kilmarnock (KA)
Ayr and Troon are covered by the South Ayrshire local authority area which enjoyed a volume sales increase of almost 14 per cent in the second quarter of 2015 according to the recent Registers of Scotland stats.
Prices also showed a steady increase with an average rise of 2.9 per cent meaning the average home now sells for almost £157,000.
A few miles away in nearby East Ayrshire, the market in Kilmarnock has also shown signs of increased activity with volume sales up 9 per cent on the quarter and the average price of a house now close to £117,000, a rise of 0.6 per cent.
Dundee & Angus (DD)
One of our stronghold markets is Tayside and Angus where we have experienced phenomenal growth during 2015. In Dundee, we will have the sponsorship deal with both Dundee and Dundee United for 2016 to look forward to and with the V&A set to open in 2016, the outlook for Dundee, Tayside and Angus, looks pretty good.
The Registers of Scotland stats show year-on-year prices for Q2 up in Dundee by 1.7% although Angus has seen a 4.4% decline for the same period.
Extensive regeneration can only create a positive aspect for property prices in the area and this combined with an explosion of new homes being built on the peripheries is sure to stimulate the market further. Here again, strong strategic partnerships forged with developers, mortgage brokers and property investors have ensured exponential growth and added services for our clients.
The area has seen a significant increase in sales related activity over the last 12 months.
The most recent Registers of Scotland quarterly report for the three months ending September 2015 reveal that sales have risen by 14.6 per cent year-on-year for the same period.
And prices have also seen a healthy average rise of 1.7 per cent. The average selling price in the area is now approaching £140,000 compared to the Scottish national average of slightly more than £170,000.
The RoS stats show the volume of residential property sales in Scotland was 28,019 up 6.5% on the second quarter.
This is the highest volume of sales for any quarter since the first quarter of 2008-09.
The total value of sales across Scotland registered in the quarter increased by 6% to over £4.74 billion.
This represents the highest value of sales for any quarter since quarter one of 2008-09.
The capital city continues to enjoy remarkable and enduring popularity.
Edinburgh City recorded the highest volume of sales 3,530, a rise of 9.6% compared with the same quarter the previous year, according to the recent Registers of Scotland figures out in October.
The highest percentage rise in volume of sales was recorded in West Lothian, up 23.1% compared with the same quarter the previous year.
The City of Edinburgh was the largest market with sales of over £805 million for the quarter, an increase of 6.2% on the previous year.
West Lothian recorded the highest increase in value with sales of over £148 million, an increase of 31.5% compared with the same quarter last year.
This has been a turbulent year with the closure of some major employers although there has been positive employment news due to work on the new Forth crossing, the naval base at Rosyth and Amazon in Dunfermline.
The Registers of Scotland figures for October 2015 show average prices in Fife up 6.6% for the second quarter compared to the previous year and demand continues to grow.
While the current closure of the Forth Road Bridge is causing chaos the new crossing heralds the potential for more commuter business reaching perhaps a little further into Fife.
New build is ever popular with demand growing in a number of areas including St Andrews and Kirkcaldy as well as the Forth coastline and Dunfermline.
Many developers report a positive uptake on reservations as we go into 2016 with more part exchange homes coming to the open market.
Key locations including Newton Mearns, Milngavie and the West End are selling very quickly and at or over HR with only 2/3 weeks of marketing required. Good schooling remains a huge draw in these areas.
Glasgow has seen prices increase 1% for the most recent quarter while East Renfrewshire is down 4% and East Dunbartonshire is down 2.7%.
At the top end - £500k+ the market is stalling due to stamp duty changes and now buyers are building this into their offers.
Some sellers are making a loss in less popular areas - especially those who purchased at the peak of the market and they are being forced to take the hit as prices have not fully recovered.
Changes in the market include the increasing popularity of the Merchant City and the new hospital has seen increased demand in the South West.
Price increases and house sales remain steady and the Registers of Scotland quarterly stats show year-on-year Highland prices up 2.8%.
We continue to grow our market share and have achieved sales in areas where some agents struggle buy ‘doing things differently'.
Our office stats show semi-detached properties growth up 19% on 2014 to an average of £183,060.
House prices are remaining steady and with the new Highland and Island University, combined with the continued increase in commerce and tourism within the city and surrounding area, we expect this to continue.
We have had a great year in 2015 and plan to continue our market growth throughout 2016 with great traction expected from our new deal as main sponsors of Inverness Caledonian Thistle for the next two seasons which will provide an excellent platform for the increased profile of the company as we continue to grow our presence in the Highland capital and beyond.
Kirkwall/ Wick (KW)
Kirkwall in the Orkney Islands has seen a slight downturn in activity with sales down 1 per cent year on year for the second quarter.
However, prices demonstrated a marked increase with the recent Registers of Scotland stats confirming a 4 per cent rise for the quarter ending in September compared with the same period last year. The average price is now £132,608.
The area around Wick, covered by Highland Council, showed a near 3 per cent rise in average prices despite a decline in volume sales of 7.5 per cent. The average house price in the Highlands is slightly above £170,000
Motherwell & Lanarkshire (ML)
The area straddles various local authority boundaries and includes the largest of the Lanarkshire towns - East Kilbride, Hamilton and Cambuslang in the south and Airdrie, Coatbridge and Motherwell in the north.
Registers of Scotland stats show for the last quarter year-on-year that the north has seen prices up 0.4% while the south has enjoyed a major boom with a rise of 8.7% recorded.
The area continues to be popular with buyers due to its value for money, great commuting links and amenities. A further draw is the fantastic schooling at primary and secondary level and further education at the West of Scotland University in Hamilton.
This year has seen a significant jump in sales and steady increasing price, with an average property selling at £127,500. Sale times have also decreased to around 4/5 weeks on average. This is helped by the quicker selling areas like Bothwell and Uddingston.
Paisley is the main focus of the Renfrewshire Council and the area has enjoyed a rise in volume sales year-on-year of 6.9 per cent according to the recent Registers of Scotland stats..
But despite that, prices have not demonstrated any significant growth.
In fact for the quarter ending September 2015 the average price of a house in the Paisley area fell from just over £137,000 to £135,415 - a decline of 1.3 per cent.
The Perth and Kinross Council area saw a significant increase in market activity as demonstrated in the recent Registers of Scotland quarterly statistics for the period ending September 2015.
Volume sales in the area dominated by Perth were up 10.5 per cent year-on-year - well ahead of the national average of 6.5 per cent.
However, prices were fairly static and the average cost of a house in the area now stands at £190.643, down 0.8 per cent on the same quarter in 2014.
Scottish Borders (TD)
The Borders is enjoying a resurgence and the market is expected to respond positively to the new and warmly welcomed rail link to Edinburgh.
Already there are encouraging signs of house price increases and renewed demand for property in the area.
The most recent stats from Registers of Scotland indicate that volume sales are up 9.3 per cent for the most recent quarter ending in September.
And prices are also on the rise.
The increase for the quarter over last year was 7.5 per cent with the average Borders property now selling for £176,730 well over the Scottish average of just under £170,000.
Stirling/ Falkirk (FK)
House prices in Stirling struggled by comparison with many other areas and the most recent Registers of Scotland quarterly report for the three months ending September 2015 reveal that average prices fell 2.8 per cent to a new average of slightly below £192,000.
The decline in prices was in spite of a big increase in activity with sales up more than 14 per cent year on year for the quarter.
In Falkirk, prices also fell but only by 0.2 per cent where the new average selling prices is now just above £130,000. Again, volume sales were up in the area but by a modest 6 per cent compared with the same quarter last year.
If you are looking for further advice on selling or buying in any of the above areas please do give us a call- we would be happy to discuss further.