Edinburgh property sales hit £3bn mark in last year

New figures from Registers of Scotland showed that more homes were sold in the Capital city than other part of Scotland.

Figures showed that:

  • 11,991 homes were bought and sold in Edinburgh in 2015, up 8.3 per cent on the previous year and more than anywhere else in Scotland
  • The average price in Edinburgh was also the highest in Scotland at £238,036, an increase of 4.9 per cent from the £227,023 figure for 2014.
  • The total market value of the property exchanged in the Capital was £2,854,284,155 – a 13.6 per cent increase on the 2014 figure of £2,513,595,738.
  • The average price of a residential property in Scotland rose by 3.6 per cent last year to £169,402.
  • The biggest rise in average price was in West Lothian – up 9.1 per cent from £147,628 to £161,014.
  • The area also saw a 10 per cent rise in the volume of sales from 2802 to 3083 and a 20 per cent rise in the total market value to £496 million. Midlothian saw a 5.9 per cent increase in average price from £173,513 to £183,720, while the volume of sales rose by 4.9 per cent from 1584 to 1661 and the market value was up 11 per cent to £305 million.
  • In East Lothian, sales were up 7.7 per cent from 1732 to 1866, with the average price increasing 2.8 per cent from £209,962 to £215,822 and market value up 10.7 per cent to £402 million.

 

Is this the start of a booming property market? Many estate agents are reporting to have seen a rise in sales due to the introduction of the Scottish Government’s new Land and Building Transaction Tax (LBTT) which will take effect on April 1 2016. The question is will the introduction of this new tax affect these figures going forward?

To find out more call one of our property experts today on 0845 210 2121.

Source: Registers of Scotland

 

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