City Guide to Edinburgh, Scotland

City Guide to Edinburgh, Scotland

RoS: Edinburgh House Prices Up Almost 8%


By edg - Posted on 04 August 2010

View from Blackford Hill

House prices continue to rise in Edinburgh and Scotland according to the official statistics from the Registers of Scotland for the quarter ending June 2010.

Edinburgh continues to be the most expensive place to buy a house in Scotland with the statistics for April to June 2010 (1st quarter), showing the average Edinburgh home is now £213,915, up 7.8% from £198,442 a year earlier. East Lothian had the second highest average house price at £201,359.

Although the average house price figure for Scotland hides price falls in areas such as Stirling (-2%), Clackmannanshire (-4.7%) and East Ayrshire (-3.2%), the housing market in Edinburgh and Scotland in general continues to benefit from the Bank of England's historically low base rate. It has remained unchanged at 0.5% since March 2009.

Sales volumes saw a significant rise compared to a year earlier, with a 17.3% rise in the volume of sales of Edinburgh homes, from 2,025 to 1,727 properties, and a similar percentage rise of 17.1% in Scotland as a whole, from 16,231 to 19,004 properties sold during the three month period. Scotland’s housing market is in its fifth continuous month of growth.

The value of residential sales in Edinburgh was up by 26.4% and in Scotland up 23.3% compared to a year earlier.

RoS is the Government Department responsible for compiling and maintaining registers relating to property and other legal documents in Scotland. Since RoS registers every sale and property transfer in Scotland, including cash sales, it offers a complete picture of what’s happening in the property market.

ROS STATISTICS FOR EDINBURGH AND SCOTLAND

Figures are for Q12010, Q12009 and % change

Average Residential Property Prices

  • Edinburgh: £213,915  £198,442 7.8%
  • Scotland: £153,248 £145,553 5.3%

Volume of Residential Sales

  • Edinburgh: 2,025, 1,727 17.3%
  • Scotland: 19,004 16,231 17.1%

Value of Residential Sales

  • Edinburgh:  £433,177,483 £342,710,061 26.4%
  • Scotland:  £2,912,317,258 £2,362,469,975 23.3%

MEAN RESIDENTIAL PROPERTY PRICES

RoS breaks down statistics for several house types: (1) Detached; (2) Semi-Detached;  (3) Terraced; (4) Flatted (encompassing all types of flats, maisonettes, tenements and 4-in-a-block properties).

Detached Residential Average (Mean) Property Prices

  • Edinburgh: £370,454 £330,166 12.2%
  • Scotland:  £225,791 £213,865 5.6%

Volume of detached residential sales

  • Edinburgh:  146 157 -7.0%
  • Scotland:  4,141 3,609 14.7%

Semi-detached Residential Average (Mean) Property Prices

  • Edinburgh:  £254,378 £198,670 up 28.0%
  • Scotland:  £148,450 £137,194 8.2%

Volume of semi-detached residential sales

  • Edinburgh: 137 152 -9.9%
  • Scotland: 3,462 3,049 13.5%

Terraced Residential Average (Mean) Property Prices

  • Edinburgh: £249,206 £223,079 11.7%
  • Scotland: £126,691 £124,334 1.9%

Volume of Terraced Residential Sales

  • Edinburgh: 316 322 -1.9%
  • Scotland: 4,166 3,831 8.7%

Flatted Residential Average (Mean) Property Prices

  • Edinburgh: £185,849 £173,493 7.1%
  • Scotland: £119,961 £114,636 4.6%

Volume of Flatted Residential Sales

  • Edinburgh: 1,426 1,096 30.1%
  • Scotland: 6,863 5,717 20.0%

*

MEDIAN RESIDENTIAL PROPERTY PRICES

Median Residential Property Prices

  • Edinburgh: £170,000 £160,000 6.3%
  • Scotland: £125,000 £124,995 0.0%

Detached Residential Median Property Prices

  • Edinburgh: £354,700 £299,750 18.3%
  • Scotland: £202,000 £194,000 4.1%

Semi-detached Residential Median Property Prices

  • Edinburgh: £218,546 £167,995 30.1%
  • Scotland:  £131,275 £126,000 4.2%

Terraced Residential Median Property Prices

  • Edinburgh: £183,000 £171,250 6.9%
  • Scotland: £103,500 £103,000 0.5%

Flatted Residential Median Property Prices

  • Edinburgh: £155,000 £149,000 4.0%
  • Scotland: £99,498 £95,000 4.7%

Statistical source: RoS