Further key findings of the Registers of Scotland’s (RoS) fourth annual publication of the 10 year-property market report over the last 10 years include a 16.9 per cent increase in the number of residential properties sold for over a million pounds, alongside a drop of 36.9 per cent in the number of sales being registered with a mortgage.

Supported by official statistics, the RoS’ 10-year property market report details the trends in the property market over the peak years of the last decade and in the wake of an economic downturn by drawing on data from every property transfer in Scotland, including those that do not include a mortgage.

Kenny Crawford, RoS’ director of commercial services, said: “The Scottish property market is a significant contributor to the Scottish economy. In 2015-16, the total value of residential sales alone was £16.7 billion.

“We’ve also seen an increase in average house prices over the decade, up 19.7 per cent between 2006-07 and 2015-16, from £139,207 to £166,624. This compares to a rise in median gross annual earnings of 22.6 per cent between 2006 and 2015.”