This item was published during the term of a previous administration that ended in April 2007
Listen
Property market hits £10 billion per annum
13/08/2003
Figures published today predict that some £10 billion worth of property will change hands in Scotland this year.
This and other comprehensive information on average house and property prices are published by the Registers of Scotland for the first time.
The Agency has produced the first of what will be quarterly reports (April - June 2003) tracking the average house prices and overall sales in seven geographic areas across the country, and for Scotland as a whole.
The figures also show that while Edinburgh has the highest average house price at £122,549, Glasgow shows the highest percentage increase in the average price.
As the Register captures every house sale across Scotland, the Agency holds the most comprehensive data on house prices at national and local levels and individual property sales.
Driven by low interest rates and shortage of properties for sale, house prices have gone through a period of unprecedented growth over the past few years. Property market reports reflect a general rise in the average price paid for properties across the country.
Alan Ramage, Keeper and Chief Executive of Registers of Scotland:
"The Registers of Scotland will from today publish information on average house and property prices to complement that made available by the providers of Financial and Legal Services. For the first time in Scotland, comprehensive information of this type will be readily available at national and local levels. It will provide a general indicator of underlying economic activity and consumer confidence within specific locations."
Peter Miller, Director Royal Institute of Chartered Surveyors (RICS) Scotland said:
"RICS Scotland wholeheartedly supports the publication of this information by Registers of Scotland. My members are involved in the valuation of most residential property in Scotland when it changes hands and the more information they have on average prices the better."
Until now such reports have been provided by the major banks and building societies. Almost inevitably, however, the information they contain is based upon a sample drawn from their respective customer bases and limited share of the market.
The information has been independently audited to ensure accurate calculation of average prices paid.
In Scotland, in order to obtain a real right to property, it is a legal requirement that every sales transaction is registered in the Land Register. Registers of Scotland is the Executive Agency of the Scottish Executive responsible for compiling and maintaining this Register.