Watch your local trend

Registers of Scotland

published the latest quarterly release on house prices covering the last quarter (October to December) of 2008 on 11 February 2009. This included average house price information by house type (detached, semi-detached, terraced and flatted) for the first time, providing a more detailed picture of the Scottish housing market.

Key points in summary

The average price of a residential property in Scotland for the quarter (October to December) decreased by 3% since the same quarter in 2007 and is now £153,623.

There was also a decrease of 4.1% on the previous quarter (July to September) of 2008.

Average house prices have decreased over the year in all but nine of the 32 local authority areas. The largest decrease was in Dundee City, where the average house price decreased by 13.1% over the year. The largest increase was in the Orkney Islands, where the average house price increased by 8.5% over the year.

Between quarter 3 and quarter 4 of 2008, the average price of a residential property decreased in all but seven local authority areas. The largest decrease was 12.8%, in Inverclyde, and the largest increase was 11%, in the Orkney Islands.

House types

Flatted properties showed the largest decrease in house price averages at 7.6%, while detached properties showed the smallest decrease at 2.6% when compared with the same period last year for Scotland.

The East Dunbartonshire local authority area showed the highest decrease in the average price of flats year-on-year, with average prices decreasing by 24.3% to £117,938. East Renfrewshire local authority area recorded the highest increase for this house type in average price year-on-year, rising to £143,834, an increase of 13.4%.

The average price of detached properties showed the largest decrease year-on-year in West Dunbartonshire local authority area, where the average price reduced by 19.7% to £196,375, while Orkney Islands local authority area recorded the highest increase in average house price of this house type with prices rising by 12.9% over the previous year to £154,444.

Volume of sales

The volume of sales transactions showed a decrease of 53.6% compared to the same quarter last year, and a decrease of 23.2% on the previous quarter.

Value of sales

The total value of sales across Scotland registered during the quarter was just under £3 billion, which is a decrease of 55% on the same quarter last year. There was also a decrease of 26.3% compared to the previous quarter.

Further information

You can view tables showing the average house price, value and volume of residential sales in Scotland by local authority area on the RoS website at: ros.gov.uk/aboutus/pressreleases.html . House type data for house prices and volumes is also available via this link.

Property data published month by month (volume, average, value of sales by local authority area) is also available at: ros.gov.uk/productsand services/lpd_stats.html .

PMP Plus Ltd v The Keeper

Readers will be aware that the Lands Tribunal for Scotland has issued a note setting out its view on certain aspects of this case. Particularly, the note reflects the Tribunal’s view on the extent to which titles may be void where the identification of subjects intended to be conveyed (particularly common areas) is insufficient at the time of transfer, becoming clear only on the crystallisation of a future, uncertain event.

We are of course aware of the potential impact of this case on registration policy and are giving careful consideration to the terms of the Tribunal’s note. The Keeper understands that the Tribunal intends to hear further submissions on certain aspects of the case before issuing its decision.

We anticipate meeting with representatives from the legal profession and other interested parties once we are clear as to what changes to current registration practice may be necessary. We will provide an update in next month’s Journal.

ARTL UPDATE – as at 26 February 2009

14,498 ARTL transactions have taken place.

130 solicitors’ firms are currently on the ARTL system.

15 lenders are currently on the ARTL system.

9 local authorities are using the system.

23 full sign-up meetings scheduled for the next four weeks.

For up-to-date information and a full list of participating practices and companies go to: ros.gov.uk/artl/