Property sales continue to fall

Registers of Scotland recently published the latest quarterly release on residential house prices in Scotland for the first quarter (January-March) of 2009.

Key points

The volume of residential sales showed a decrease of 57.1% compared to the same quarter last year.

The average price of a residential property in Scotland has decreased by 6.6% since the same quarter in 2008 and is now £140,318. This is a decrease of 8.7% on the previous quarter (October-December) of 2008.

The City of Edinburgh local authority area recorded the highest average residential price at £187,289, a decrease of 10.1% compared to the same quarter last year and 6.8% since the last quarter.

Inverclyde local authority area recorded the highest year-on-year decrease, at 23.2%, with the average residential price currently standing at £103,505. The average price for Inverclyde decreased by 13.5% over the last quarter.

Only Angus, East Dunbartonshire, Falkirk, Moray and Orkney Islands local authority areas have shown increases in average property prices compared to the previous year.

Value of sales

The total value of sales across Scotland registered during the quarter was just over £1.6 billion, a decrease of 44% on the previous quarter and a decrease of 59.9% over the same quarter last year.

House types

Detached properties showed the largest decrease in house price averages at 9%, while terraced properties showed the smallest decrease at 4.7% when compared with the same period last year for Scotland.

Excluding any local authority where the sales volume represents less than 1% of the all-Scotland sales volume, East Renfrewshire local authority area showed the highest decrease in the average price of detached properties year-on-year, with average prices decreasing by 28.5% to £272,362. East Lothian local authority area recorded the highest increase for this house type in average price year-on-year, rising to £323,916, an increase of 16.5%.

Statistical release

A statistical release containing average house price information (both mean and median) by house type and local authority area is available at ros.gov.uk/about/pressreleases.

Monthly house price information

Further property data (volume, average, value of sales) by local authority area is updated month by month and published at: ros.gov.uk/productsandservices/ lpd_stats.html .

Dates announced for joint conveyancing conferences

Registers of Scotland and the Law Society of Scotland will shortly be commencing their second series of joint conveyancing conferences. There will be seven half-day events during the spring and autumn.

Spring

2 June 2009, Aberdeen

4 June 2009, Stirling

23 June 2009, Glasgow

30 June 2009, Inverness

Autumn

8 October 2009, Dumfries

20 October 2009, Dundee

22 October 2009, Edinburgh

The key topics will include:

• Property marketplace in current climate
• Changes in procedures for land registration applications
• Rejected applications – how to avoid them
• Significance of recent Lands Tribunal decisions (e.g. PMP Plus)

The conferences cost £30.00 + VAT. For further information and to book, visit the CPD training section of the Law Society website at www.lawscot.co.uk

ARTL UPDATE – as at 27 April 2009

15,871 ARTL transactions have taken place.

Live on ARTL

185 solicitors’ firms.

15 lenders.

10 local authorities.

16 full sign-up meetings scheduled over the next four weeks.

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

New email address for pre-registration enquiries

There is a new, easier to remember email address for pre-registration enquiries: [email protected] . Email is the quickest way to send a pre-registration enquiry and to receive a reply. We recognise the importance of the pre-registration enquiries service and are committed to delivering it as seamlessly as we can. We have also reduced our turnaround time for these enquiries from seven days to five. Other contact details remain unchanged: tel 0845 607 0163; fax 0131 479 3675.