The Registers of Scotland (RoS) have recently released their 10 year ‘Property Market Report’ which makes interesting reading. It is the first time they have been able to produce a comprehensive picture of the market as a decade has now passed since all land registration counties in Scotland came onto the modern map based Land Register.
The data gathered during this period is not opinion, not an educated guess, not even a forecast – it is factual data recorded by RoS when a property is sold and/or changes ownership.
How Has The Market Performed?
Their data shows that house prices have increased by 52.9% over the last 10 years with the average price of a property in Scotland standing at £156,428. Unsurprisingly, sales have dropped by 43.8% during this period however what is interesting is that sales of property with a price tag in excess of £1 million doubled.
Nationally, house prices grew steadily between 2003 and 2007 with fairly stable prices for the remainder of the 10 year period. The average price in 2003 to 2004 was £100,987 and the average price in 2012 to 2013 was £154,387. The highest average price of the decade was achieved in the second quarter of 2010 to 2011.
The average price of all property types have increased significantly since 2003 with flatted dwellings representing the largest share of the market at 40.3%.
Are You In It For The Long Term?
Given that the report accurately reflect the performance of the market during its best and worst periods in the last decade, what is clear is that property has proven to be a robust investment over the medium to long term.
Those who have been committed to buying as opposed to renting are more likely to gain over the medium term.
There is no doubt that there have been improving signs recorded during 2012 and 2013 which could signify a fresh stability in the Scottish Market.
The majority of house buyers consider that their purchase is first and foremost about providing a home. If this is at the forefront of your mind and you consider that now could be a good time to get onto the property ladder, move up the ladder or indeed downsize, why not speak to a us about the dynamics of the market in your area.
Our no obligation consultations are designed to help you arrived at an informed decision about your next move.