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The number of homes sold in Scotland in the three months to the end of June was down by almost half compared to the same time last year according to the Registers of Scotland.  But prices rose in the second quarter by 3.7 per cent - a result that is broadly in-line with reports from lenders that average selling prices have started to recover.

As the official keeper of housing transaction records in Scotland, the reports from the Registers represent the most authoritative source of information on what is happening in the property market, although data tends to be released later than by other commentators. 

Crucially, the reports from the Registers include information on properties sold for cash which are not normally taken in to account by mortgage lenders such as the Halifax and the Nationwide.  The Registers says that cash purchases now account for 45 per cent of all transactions - way above the normal level of around 30 per cent.  The figure illustrates both the difficulty some buyers are having in getting a mortgage and the scale of purchases by those with cash to spend.

Overall, the Registers of Scotland estimates that selling prices at the end of June were 6.5 per cent lower than the same time last year.  But the figure would have been much worse if it had not been for the 3.7 per cent increase in prices seen between April and June. 

In general, areas in the west of Scotland saw prices fall by slightly more than the national average.  Prices in Glasgow, for example, are estimated to be 9.3 per cent down on the year and East Renfrewshire saw the largest year on year fall of 13.5 per cent.