Leading law firm Harper Macleod has welcomed the rise in the number of house sales in Scotland to almost 100,000 during 2016, according to figures released by Registers of Scotland (RoS).
While the average price of a residential property dropped by 1.9% to around £166,000, the volume of sales rose by 3.3% to 99,860 for the year. The overall market value rose by 1.3% to almost £16.6 billion.
Harper Macleod's residential property team has a significant presence in the market, and was involved in almost 7% of the total number of house transactions during 2016.
David McIndoe, a Partner in the residential property team, said: "The figures show that, in some ways, normal service resumed in 2016 after the market was impacted by the Land &Buildings Transaction Tax in 2015. We were delighted to play a part in the increase of the number of property sales taking place last year, which is an encouraging figure albeit that the average price of a residential property fell slightly overall with certain market areas faring better than others.
"There are a number of factors which contribute to these figures. The continued impact of the government's shared equity schemes continues to have a positive impact on house sales, though of course in the long term the market is also reliant on the supply of new homes."
Harper Macleod has main offices in Glasgow, Edinburgh, Inverness and Lerwick in Shetland. The RoS figures show that:
- In Glasgow, average house price rose by 1.7% with the market value up 3.7%.
- In Highland, the volume of sales rose by an impressive 13.6% which helped the market value to rise by 14.5%.
- In Shetland the average house price was up by 7.2% and the market value slightly higher at 7.9%.
- In Edinburgh city, the volume of sales rose by 2.7% while the market value climbed by 0.9%
David McIndoe added: "While the figures clearly show the continuing difficulties in the north east of Scotland, for our part we can testify to prices coming back in Glasgow and some of the surrounding areas such as East Renfrewshire. Similarly, from our presence in Inverness and Shetland, we see really positive signs in the Highlands and Islands marketplace."
See the RoS report here.