Homes for sale across Scotland

Advanced search or use our draw-a-search facility on our interactive map.

Find a Property for sale in Scotland

eg: "Bungalow in Kilmarnock or Irvine"

Find a Property

Rising prices disguise falling sales

by Mark Hordern, GSPC on 28/04/2015 16:54:06

House prices in Scotland rose by 13% in the last 12 months according to the Registers of Scotland. The average house price in Scotland from January to March was £173,830, the highest figure recorded for any quarter since RoS began compiling quarterly statistics in 2003.

But the result that is just as important but which might not make the headlines is the decline in the volume of sales.

While all local authorities in Scotland showed a rise in average property prices, there was huge variation in the pace of growth. Prices in Edinburgh are 20% higher than this time last year, but the increase in North Lanarkshire is just 1.6%. In short, not everyone is going to see a 13% increase in the value of their home.

RoS also reports that sales in the three months from January to March were down almost 5% compared to the same time last year (see graph). This is the second consecutive quarter that has seen sales volumes decrease.

The silver lining is that sales in March were better than in the same month last year which might signal the start of a recovery, but sales have been below the same month last year for four out of the last six months.

The rise in prices is partly a response to this lack of supply and partly down to mortgage interest rates that seem astonishingly low. But the simultaneous decline in mortgage approvals suggests that at least some would-be buyers are finding it difficult to get a mortgage.

This is particularly true for existing home owners who find that they don’t have enough equity in their current home to qualify for a new mortgage under the tougher affordability rules introduced last year. It is this group, above all, which could increase the number of homes coming on to the market if only lending criteria allowed them to take the next step on the ladder.

Property News

Historic church complete with original features goes on sale by TSPC on 29 June 2017 SPC Scotland quarterly market commentary May 2017 by SPC Scotland on 19 May 2017 Historic Victorian spa hotel in Strathpeffer up for sale by HSPC on 27 April 2017 Ron Hastings offers opinion on Brexit and the Borders property market by Ron Hastings on 14 April 2017 HSPC's latest market statistics by HSPC on 05 April 2017 £10M Boost for Perthshire Property Market by PSPC on 04 April 2017 Rare property for sale on Heriot Row in Edinburgh by ESPC on 30 March 2017 West End Glasgow and Leith in Edinburgh, voted amongst the coolest places to live in Britain by GSPC on 22 March 2017 Tarff Church, the chance to live in a historic and unique venue by DGSPC on 09 March 2017 SPC Scotland quarterly market commentary by SPC Scotland on 22 February 2017 SPC Scotland response to latest Registers of Scotland quarterly report by SPC Scotland on 31 October 2016 What the Leave result could mean for the property market by Orlaith Brogan on 26 June 2016 Registers of Scotland release their latest quarterly report by SPC Scotland on 08 January 2016 2015 - Time to Reflect by ESPC on 12 December 2015 Budgeting for the Future by ESPC on 15 July 2015 A decade of Scottish property prices by Mark Hordern, GSPC on 12 June 2015 Help to Buy Scotland runs out of cash by Mark Hordern, GSPC on 20 May 2015 National figures hide local fluctuations by Mark Hordern, GSPC on 15 May 2015 Rising prices disguise falling sales by Mark Hordern, GSPC on 28 April 2015 Affordability in Scottish cities worsens, or does it? by Mark Hordern, GSPC on 27 March 2015 A tale of two coastlines by Mark Hordern, GSPC on 06 March 2015

Property Law

SPC Scotland's advice for landlords on how to attract tenants to your property by SPC Scotland on 14 May 2016 Mortgage adviser David Lauder who works in the SPC network takes a look at what the past few months have been like across the mortgage market. by SPC Scotland on 16 April 2016 Your most popular questions about title deeds answered by Mark Hordern, GSPC on 04 February 2015

Solicitors Property Centres:EdinburghGlasgowAberdeenTaysideDumfries & GallowayHighlandPerthshireFife & KinrossBorders