Registers of Scotland (RoS) recently released their Annual Market Review 2016 detailing activity in the Scottish residential property market for that year. So what's the latest news for the Scottish Property Market?

The key points highlighted in this report are: 

• The volume of sales increased by 3.3% on 2015
• The average price of a residential property fell by 1.9% compared with 2015
• The value of the residential market in Scotland was in excess of £16.5 billion, an increase of 1.3% on the previous year

Taking a look at the report in more detail, it seems that the market as a whole remained steady in 2016. A total of 99,860 homes were sold in Scotland last year, compared with 96,674 in the previous year.The volume of sales was also high nationwide, with the Edinburgh and Glasgow local authority areas recording the highest number of sales. Just 5 of the 33 local authority areas reported a fall in sales, with the largest decreases in Aberdeen City and Aberdeenshire (both were 19.1% compared with 2015), presumably as a result of the recent decline of the oil industry.

The highest average house price in 2016 was in the East Renfrewshire area (£242,003) and the lowest in Na h-Eileanan Siar, the council for the Western Isles (£160,190). Figures show that the average price of a residential property in Scotland fell by 1.9% to £166,056 and a general fall in average value was evident across all property types. The greatest deceases were, again, seen in the Aberdeenshire areas. However the value of the Scottish property market as a whole in 2016 was £16.6 billion, an increase of 1.3% on the previous year.

In general, the statistics detailed in RoS's Annual Review for last year indicate that the housing market is healthy and showing general signs of growth. At TC Young our conveyancing departments have been very busy and we hope to see this trend continue. If you are looking for advice or information on purchases, sales or any other property matter, please feel free to get in touch with our experienced team.