This item was published during the term of a previous administration that ended in April 2007
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Property market hits £10 billion per annum
13/08/2003
Figures published today predict that some £10 billion worth
of property will change hands in Scotland this year.
This and other comprehensive information on average house
and property prices are published by the Registers of Scotland
for the first time.
The Agency has produced the first of what will be quarterly
reports (April - June 2003) tracking the average house prices
and overall sales in seven geographic areas across the country,
and for Scotland as a whole.
The figures also show that while Edinburgh has the highest
average house price at £122,549, Glasgow shows the highest
percentage increase in the average price.
As the Register captures every house sale across Scotland,
the Agency holds the most comprehensive data on house prices at
national and local levels and individual property sales.
Driven by low interest rates and shortage of properties for
sale, house prices have gone through a period of unprecedented
growth over the past few years. Property market reports reflect
a general rise in the average price paid for properties across
the country.
Alan Ramage, Keeper and Chief Executive of Registers of
Scotland:
"The Registers of Scotland will from today publish
information on average house and property prices to complement
that made available by the providers of Financial and Legal
Services. For the first time in Scotland, comprehensive
information of this type will be readily available at national
and local levels. It will provide a general indicator of
underlying economic activity and consumer confidence within
specific locations."
Peter Miller, Director Royal Institute of Chartered
Surveyors (RICS) Scotland said:
"RICS Scotland wholeheartedly supports the publication of
this information by Registers of Scotland. My members are
involved in the valuation of most residential property in
Scotland when it changes hands and the more information they
have on average prices the better."
Until now such reports have been provided by the major banks
and building societies. Almost inevitably, however, the
information they contain is based upon a sample drawn from
their respective customer bases and limited share of the
market.
The information has been independently audited to ensure
accurate calculation of average prices paid.
In Scotland, in order to obtain a real right to property, it
is a legal requirement that every sales transaction is
registered in the Land Register. Registers of Scotland is the
Executive Agency of the Scottish Executive responsible for
compiling and maintaining this Register.