Current position of Scotland's housing market
The current level of buying and selling homes in Scotland has still not recovered to the pre financial crash levels over a decade ago. Information published by the Registers of Scotland shows that the volume of sales for the year end 2017 were just over 100,000, compared to sales of just over 150,000 in 2007. Although levels have risen in recent years, Experts believe that due to a combination of factors including the affordability of homes, the changes made to stamp-duty and the availability of mortgages, the volume of property sales will still continue to only slightly increase.
Although the average price of a house in Scotland has had a modest recovery since the financial crash, homes are proving as difficult to purchase as ever. This is predominately down to the increase in the size of the deposit required to fund a purchase and the average salary not increasing at the same rate as house prices. As a result more and more people have turned to renting from private landlords which has resulted in a price surge in monthly costs. Data published on Citylets shows that Edinburgh has seen the greatest increase in average rent up from £747 in 2008 to £1,062 in 2018. Indeed, all other major cities in Scotland have seen an increase in average rent prices with the exception of Aberdeen, however this was due to the crash of the oil and gas industry. This increase is set to continue with the Royal Institute of Chartered Surveyors estimating that rents could rise by 15% by 2023, therefore the current trends are showing no sign of change.