Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
A Decade in Scottish Property
Registers of Scotland has recently published a report detailing trends in the land and property market over the ten years from 2004 to 2014.
Registers of Scotland data is based on all property sales, even those which do not involve a mortgage, and as such the RoS 10-Year Property Market Report provides a highly comprehensive picture of the sector.
Key findings of the report include:
- Nationally, residential house prices grew steadily between 2004 and 2007, with fairly stable prices for the remainder of the ten year period.
- The average prices of all residential property types have increased significantly since 2004. Flatted dwellings have represented the largest share of the market, making up 40.0% of all residential property sales over the last decade.
- Over the decade, residential sales volumes decreased by 32.3%, from 129,276 in 2004-05 to 87,475 in 2013-14. Volumes in 2013-14 are the highest since 2007-08 and are up by 19.8% when compared to 2012- 13. The final three quarters of 2013-14 all showed volume increases in excess of 20% compared with the same periods of the previous year.
- The number of sales being registered with a mortgage in 2013-14 fell by 46.3% when compared with 2004-05. This is also down by 53.0% on the height of the market in 2006-07.
“It’s been an interesting decade for the Scottish property market, which is now showing real signs of recovery since the economic downturn in 2008,” commented Registers of Scotland Director of Commercial Services, Kenny Crawford.
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