According to recent data from the Registers of Scotland, Scottish house prices have risen on average by 52.9% in the last ten years. In financial terms, this means Scottish property prices have increased from £100,987 on average in 2003/04 to £156,428 in 2013.
Findings show that 2007 and 2008 saw the largest number of properties sold in Scotland in ten years, with the sale of properties worth over £1 million doubling between 2003 and 2013. Flats were found to be the most popular type of property on the Scottish market, representing 40.2% of sales.
The Registers of Scotland have only now been able to conduct a full property market report, as it’s been ten years since all land registration counties were put on the Scottish Land Registry. This has enabled them to collect sufficient data on Scottish property prices over the last decade.
Aberdeen has seen the biggest growth in house prices, with a whopping 104.5% increase in the last ten years. Glasgow house prices, on the other hand, have shown a rise of just 23.5% by comparison.
The Registers report shows a steady month on month increase since the property crash in 2008, indicating positive market growth for the future. With these findings, Registers of Scotland hope to predict future progress of Scottish house prices and identify whether this increase marks the beginning of a recovering property market.