Official statistics published by Registers of Scotland on 26 April 2016 show that there was a significant increase in the volume of residential property sales across Scotland – including Moray – during January to March 2016, as compared with the same quarterly period in 2015.
The countrywide total of 19,802 properties sold was an increase of over 18% on the previous year. In Moray, the increase was even greater: 27%.
Increased volume but lower average price per property
Although the total number of houses sold showed an increase, the average price per property was lower, by over 8%. The average price of a residential property across the country was just over £159,000.
A spokesman for Registers of Scotland said that there had been a consistent increase in the volume of sales throughout the current financial year (2015/16). In comparison to last year, however, there was a greater increase in the volume of lower value properties changing hands, which would account for the lower average price.
How Moray compares
In Moray, the average price of a residential property was about £145,500, compared to just under £150,000 in the same period last year. This represented a reduction in the average price of a residential property of about 3%. In other words, although Moray showed a reduction in house prices in line with the national trend, there was not such a significant reduction in average values as elsewhere (3% reduction, compared to 8% nationally).
Average residential property prices in Moray remain at a level below the national average (£145,500 compared to £159,000).
The volume of house sales in Moray increased from 287 (2014/15) to 364 (2015/16) as between the 2 quarterly periods. This represented an increase of about 27% on the previous year. Again, an increase was in line with the national trend but the percentage increase in Moray was greater than the national average (27% in Moray, compared to 18% nationally).
Looking at individual regions, Midlothian showed the highest percentage rise in the volume of sales (48%, compared to Moray’s 27%). The largest percentage rise in average property prices was in North Lanarkshire, where the average property price rose by about 7% (compared to Moray’s -3%). East Renfrewshire is the area of Scotland with the highest average property price (£222,303 for January to March 2016)
The Registers of Scotland statistics include all residential sales, whether they involved a mortgage or not.
A link you might like
For further articles on our website relating to Moray property sales and all other aspects of conveyancing in Moray, visit the Property Category page on our blog.
How we can help
If you have any questions regarding this article or any aspect of our Conveyancing and Estate Agency services, please contact us on 01343 544077 or send us a Free Online Enquiry.
Claims For Damage Caused By Falling Slates