West Lothian Residential Sales Update
Our research show that the sale of prime residential property–valued above £500,000–is continuing to grow in West Lothian. The total transactions for properties sold over £500,000 have increased by 113% over the past five years, which indicate two compelling factors that impact regional sales. Firstly, the West Lothian property market is enjoying improved trading conditions over the longer term. This finding is substantiated by the Registers of Scotland data released in early 2019. The second point highlights the seasonality of the market, with the vendor who launches their property early in the spring market capturing the best performing part of the year.
All transactions in West Lothian have increased by 36% in the past five years. Alastair Houlden, Director of Country House Sales, leads Rettie & Co.’s West Lothian Team. Alastair noted that "across all price bands over the last five years there has been an increase in house prices, transactions, and turnover all significantly above the national average. We anticipate further growth over the next five years."
The West Lothian market is improving in sales and prices with a post-recession quarterly peak of 973 transactions in Q3 2017. Since then, this figure has dropped back only slightly and has remained at over 800 in each of the last three quarters. On an annual basis from 2015–2018, we see a marked increase in transactions of 36%. Over the same five-year period there has been a 23% increase in average house prices, which in turn relates to a 66% increase in market turnover.
Our forecast for annual house price growth in West Lothian from 2019 through 2023 is as follows: