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Residential

Surge in home sales across Scotland

Q1 2014

Scotland experienced a sharp rise in home sales during the last quarter of 2013 as confidence flooded back to the market.

Scotland experienced a sharp rise in home sales during the last quarter of 2013 as confidence flooded back to the market.

Figures from the Registers of Scotland show that 25,579 properties were sold across the country between October and December – the highest total recorded since the onset of the recession back in 2008.

It represents a 26.1% jump on the same three-month period the previous year with both buyers and sellers enjoying renewed optimism.

Prices also rose by 3.1%, according to the data, taking the average cost of a property nationwide to £159,670.

The most expensive place to buy in Scotland was East Renfrewshire, with buyers in this region typically spending £222,906 on a purchase.

Edinburgh had the highest number of sales with 2,951 residential properties changing hands, followed by Glasgow with 2,569 completed sales.

East Lothian recorded the highest percentage rise in prices with the average price jumping 14.9% from £182,330 to £209,566.

At the other end of the scale, the largest percentage drop in average house price was in Inverclyde where values fell by 8.7% to £116,085.

Registers of Scotland believes the sharp rise in home sales was partially fuelled by an influx of first-time buyers thanks to schemes such as Help To Buy, which helps buyers to buy a new build home without having to fund all of the purchase price.

The figures from the Registers of Scotland cover all property sales across the country, including those which do not involve a mortgage.

Malcolm Leslie, of Strutt & Parker’s Country Homes department, said: “There have certainly been a few lean years for property sales but 2013 saw a big increase in all our offices, from flats in Edinburgh to larger houses in the country as well as farms throughout Scotland. Judging by the incredible interest in the first month of 2014 the property industry in Scotland is looking very positive indeed.”