New figures have revealed Scottish house prices fell by 2.3% between April and June compared to last year.
Statistics from the Registers of Scotland (RoS) state while the average price of a house was £164,326, the volume of sales increased by 4.9% in the first quarter of the year.
A total of 25,760 homes were sold between April and June, the highest volume of sales for this period since 2008/09.
The overall values of sales across Scotland increased by 2.5% compared to 2015 to just over £4.2 billion.
The highest rise in sales volume was in Argyll and Bute, with an annual increase of 24.5% to 462 sales. The largest fall was in Aberdeen City, down 19.5% to 1,063 sales.
East Renfrewshire recorded the highest average property price at £241,364, while West Dunbartonshire recorded the lowest with an average of £105,859.
RoS' director of commercial services, Kenny Crawford, said the figures reflect a "robust and active" property market.
"The total value of the residential property market continues to make an important contribution to the Scottish economy. We saw a sustained increase in the volume of sales during the previous financial year and this trend is continuing in the first quarter of 2016-17.
"Changes in Land and Buildings Transaction Tax that came into effect on 1 April 2016 for additional dwellings, such as second homes and buy-to-let properties, may have contributed to this increase.
"While volumes are up this quarter, prices are down by 2.3 per cent compared to the previous year, bringing the average price to £164,326."
(LM/CD)
Time and date
CONSTRUCTION DIRECTORY
Latest Construction News
15/11/2024
A major milestone has been reached in the UK's transition to a greener energy future. Ofgem has approved the Eastern Green Link 1 project, a £2.5 billion investment that will see the installation of a 196km subsea electricity cable between Scotland and England. The project, a joint venture between ...
15/11/2024
Falkirk Council has secured a £100 million Growth Deal that is expected to create 1,660 jobs and generate £628 million in economic benefits for the area. The Deal, signed by the UK and Scottish Governments, will fund 11 projects, including: • A Carbon Dioxide Utilisation Centre • A Bioeconomy ...
15/11/2024
The Scottish Plant Owners Association (SPOA) has raised concerns that the measures announced in the Autumn Budget could lead to the demise of the plant hire industry in Scotland. The association argues that the increased tax burden and other economic pressures will have a significant negative ...
15/11/2024
Maxi Construction has been awarded a £1.6 million contract by The City of Edinburgh Council to replace the Reinforced Autoclaved Aerated Concrete (RAAC) roof at Pentland Primary School. The phased project will involve the removal of existing roof coverings and ceilings, the replacement of RAAC ...
15/11/2024
Clark Contracts has been awarded a contract to retrofit Scotland's National Retrofit Centre at BE-ST's Innovation Campus. The project aims to transform the building into a living laboratory, showcasing best practices in non-domestic retrofit. The ambitious project will involve a range of ...
15/11/2024
The Scottish Government has announced plans to bypass the villages of Springholm and Crocketford on the A75, a key route linking Scotland to Ireland. Jacobs UK Ltd has been awarded a contract to undertake initial design and assessment work for the bypass. The project is funded by the UK ...
15/11/2024
Dundee City Council has secured a £693,383 grant from the Scottish Government's Recycling Improvement Fund to upgrade its recycling facilities at Baldovie and Riverside. The funding will be used to purchase new waste management equipment, such as roll packers and compactors, to improve efficiency ...
15/11/2024
Homes for Good and Glasgow Credit Union have formed a partnership to address housing inequality in Glasgow and neighbouring areas. Glasgow Credit Union has provided a £2.4 million loan to Homes for Good, which will be used to purchase up to 35 homes for low-income individuals and families. The ...
15/11/2024
The historic Troon station has reopened following a £5m restoration project. The station was extensively damaged by a fire in 2021. Network Rail, in partnership with AmcoGiffen and CPMS, undertook the rebuild, which included the restoration of the station's iconic façade while incorporating modern ...
15/11/2024
BEAR Scotland, on behalf of Transport Scotland, is undertaking emergency works on the A828 between Ledaig and Benderloch to address a safety concern related to a deteriorating rock face. Recent monitoring has identified a fractured rock mass 60 metres above the road, requiring urgent attention. To ...