According to new research carried out by Hometrack, the property market analysts, Glasgow and Edinburgh currently have the fastest- rising house prices in the whole of the UK, indicating increased activity and interest for buyers and sellers in these local markets.
In the past 12 months, house prices in Glasgow have grown by 7.9%, slightly higher than Edinburgh which has also seen a rise of 7.6%. The UK average stands at 6.3%, up from 4.9% the previous year, demonstrating just how healthy the market is north of the border, with sales numbers in Scotland forecast to continue to grow throughout 2018.
The average house price in Glasgow, according to Rightmove stands at £150,750, with affordability barriers being less of a factor compared to elsewhere in the UK, creating more demand, activity and burgeoning prices. With homes still affordable, particularly for first time buyers, this allows people that first step on the property ladder, creating a climate of homeowners. Home sellers are in a good position too, with values rising and demand continuing to outstrip supply, with plenty of affordable mortgage deals to be found for potential buyers.
It shows a new trend, with experts speaking of a ‘dramatic north/south shift’, as areas like London and the Southeast face a price wall in terms of affordability for buyers. Low growth in London of just 2.7%, compared to 6.3% last year, shows a dramatic difference in property markets between the north and south.
Edinburgh, traditionally more expensive than the west coast, sees an average house price of £254,748, again, according to Rightmove figures, still affordable compare to southern cities of London (£623,807), Cambridge (£358,046) and Bristol (£289,304).
At Clyde Property, we’ve seen first-hand how the Scottish property market has remained strong and prosperous, proving to be resilient and showing positive sign of growth. Recently, increased interest rates have led to a number of lenders offering attractive re-mortgage deals for existing homeowners, who are now perhaps looking to move a step up the property ladder.