Edinburgh property sales are top for Scotland

Edinburgh had the largest share of the Scots property market. Picture: Ian Rutherford
Edinburgh had the largest share of the Scots property market. Picture: Ian Rutherford
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Edinburgh had the largest overall share of the property market last year, as the number of house sales in Scotland hit a six-year high.

A total of 93,875 sales took place in 2014, an increase of 11.6% on the previous year and the highest annual figure since 2008, while the average price rose 4.3% to £163,563.

The total value of sales reached almost £15.4 billion last year, the statistics show.

Edinburgh notched up 11,092 sales, with an average price of £226,551.

However, the local authority with the highest average price was East Renfrewshire where the cost was £228,963, an increase of 5.6% on the previous year.

The statistics were published today by Registers of Scotland (RoS), and they also revealed Aberdeen saw the average price rise to £213,717 last year despite a 4% fall in the volume of sales.

Kenny Crawford, RoS director of commercial services, said: “The total value of the residential property market continues to make a significant contribution to the Scottish economy. In 2014, the market totalled £15.4 billion, an increase of 16.4% on the previous year.

“The city of Edinburgh property market represented over 16.3% of this figure, sitting at £2.5 billion. This is significantly larger than the next biggest property market, Glasgow, with 8.9% of the market at £1.4 billion.”

Moray was the local authority to experience the largest annual growth in sales, with a 24.4% increase.

Renfrewshire saw the largest percentage increase over the year, up 11.8% to £129,075 while Midlothian saw a 2.1% reduction in average price to £173,855.

The statistics cover all residential sales between £20,000 and £1 million during the year, including those that did not involve a mortgage.