This is extremely exciting news for homeowners and property investors in Edinburgh—and, indeed, across the whole of Scotland. It demonstrates buyer confidence and a strong and prosperous property market. Congratulations, Edinburgh! An utterly beautiful city that is often voted the best place to live in Scotland and the UK. Our incredibly busy Edinburgh branch in Morningside wholeheartedly concurs, witnessing firsthand the unwavering demand for property in Scotland’s capital city!
According to Hometrack—the only UK index that analyses housing market trends at a city level—the annual rate of UK city house price growth is currently 4.9%, down from 6% the previous year. Scottish cities, however, are out-performing on rising sales. Edinburgh is the fastest growing city on the House Price Index, registering at 6.7% in the past year to September, overtaking other major UK cities, including Manchester (6.5%) and Birmingham (5.9%).
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Whilst most cities on the Index are registering lower house price growth than the previous year, Glasgow has also recorded a significant increase in the rate of house price inflation, rising from 1.8% the previous year to 5.3% today. Scotland’s third major city, Aberdeen, has registered its strongest position in two years, with house price decline easing from -10.6% last year to -1.8% today.
Furthermore, the report states that “Residential transactions data from HMRC shows there has been a 20% increase in the monthly run rate of sales over the last quarter in Scotland.” The picture is very different in London, where the annual rate of price inflation has stabilised at 2.3% per year. This demonstrates a marked decline on London’s 8% average annual growth rate since 2010, with over 80% of markets covered by the London City index registering real house price falls.
Data from the most recent Edinburgh by Numbers publication also confirms that Scotland’s capital remains the most prosperous UK city outside London. Boasting lower unemployment levels, a higher disposable income, and the largest proportion of highly skilled occupations and workers. And as if that’s not enough, it also has a castle right in the centre of the city and the highest number of Michelin-starred restaurants of any major UK city—we’re sold!
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The Clyde Property Edinburgh team, whilst still relatively new together, have grown and blossomed into a highly energetic, pro-active group of property professionals who take immense pride in achieving the best possible result for clients.
Their hard work, how they conduct themselves and represent Clyde Property can be witnessed every day, but more importantly it is widely recognised in the delighted client feedback received: Clyde Property Edinburgh currently has 5 out of 5 stars on Google Reviews and an array of testimonials happy clients are only too happy to leave. View a selection of what our Edinburgh clients think of our service.
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