Property News

Sales of Scottish property at 2008 levels

Scottish property sales are now at levels last seen in 2008, according to new figures.
Data from the Registers of Scotland show that sales volumes in 2013-14 are up 19.8 per cent when compared to 2012-13 and are the highest since 2007-08.

The cash value of residential sales has also risen 22.2 per cent from £11.3 billion in 2012-13 to £13.8 billion in 2013-14.

The cash value of commercial property sales rose significantly too, from £1.6 billion in 2012-13 to almost £2.6 billion in 2013-14, a staggering rise of 59.1 per cent.

Enterprise Minister Fergus Ewing comments: “We welcome the publication of the Registers of Scotland figures, which highlight significant growth in the Scottish property market over the period 2012-13 to 2013-14.

“These figures are extremely encouraging, especially when viewed alongside the wider indicators of strength in the Scottish economy, where Scotland is outperforming the UK on employment, unemployment and economic activity.

“The growth in the volume of commercial property sales over the past year is in line with the ongoing economic recovery which is testament to the underlying strength in the Scottish economy.
“Inward investment in Scotland as a whole in recent years is among the highest in the whole of the UK, and people continue to invest in Scotland's homes, offices and industrial sites, demonstrating rising confidence amongst businesses."

A large part of the growth in residential property sales has been attributed to the positive influence of the recently introduced Help to Buy scheme. Since the £275 million launched in September last year, the scheme has helped more than 1,300 households into home ownership.

“The Scottish Government and our enterprise agencies are doing all we can to build sustainable economic growth for Scotland, including by supporting property and business infrastructure requirements that meet the needs of Scotland’s growth companies and sectors.

“The recovery in Scotland’s economy is continuing to make headway, but there is no room for complacency. With the full fiscal and economic powers of independence, the Scottish Government could do so much more to strengthen our economy and create more jobs.”