With Brexit ongoing throughout last year, many commentators feared that the property market would be negatively affected by the uncertainty generated. But, as was the case at Clyde Property, the property market remained stable throughout 2016, quashing any fears of a sales slowdown. And now a report carried out by the Registers of Scotland has revealed some interesting figures from Scotland’s property market last year.
Increased stability over 2015
When compared to 2015, the report found that the Scottish residential property market remained stable in 2016; the monthly pattern of transactions in the market was affected in 2015 by the introduction of the new Land & Buildings Transaction Tax (LBBT), which we have previously reported on here.
The report revealed that the volume of sales in the Scottish property market rose by 3.3% to 99,860, while the value of the residential market grew to a staggering excess of £16.6 billion, signalling a rise of 1.3%.
Average house price changes
Of Scotland’s four city local authorities (Dundee, Aberdeen, Edinburgh and Glasgow) 2016 was somewhat of a mixed bag, according to the report.
For instance, Aberdeen’s dwindling oil industry did reflect on the area’s property market – with a 7.8% decrease in the average house price from £220,751 in 2015 to £203,483 in 2016. And in Edinburgh there was a 1.7% drop from £238,216 in 2015 to £234,226. However, Edinburgh continued to benefit from the highest average property prices across the four city local authorities.
It was an even more positive picture elsewhere. In Dundee there was a 1.2% increase on 2015’s figure of £131,247, which rose to £132,770 in 2016, while Glasgow benefitted from a 1.7% increase which meant average house prices within the area climbed from £138,702 to £141,093.
Clyde Property’s view
At Clyde Property, we believe that the Registers of Scotland report demonstrates the resilience and strength of the Scottish residential property market.
Despite the overwhelming uncertainty that has been brought about by Brexit, the Scottish property market has continued to move forward. The figures outlined in the Registers of Scotland report ratify the views here at Clyde Property that buyers remain confident, with many property transactions continuing to take place each month.
Going forward, this report further confirms that the Scottish property market’s resilience will see it through the changes that lay ahead post-Brexit.
So if you’re looking to sell or let your property, why not contact your local Clyde Property office and speak to one of our local experts who can help guide you with your next property journey.
Clyde Property is a leading independent, multiple award winning estate and letting agent with 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on finding your next dream home.