The two largest cities in Scotland have both seen an average price growth of at least 9% in 2018- more than double the UK average according to recent data from HouseSimple.
Property prices in Glasgow have increased by 9.1% from £126,016, at the start of the year to £137,507 in September 2018. Similarly Edinburgh saw average house prices jump 9% from £242,807 to £264,745 over the same period.
Two other Scottish cities placed in the top 20 UK towns and cities had the most significant house price gains. Dundee housing costs increased from £118,723 to £127,228 (a 7.2% spike) alongside Stirling where house prices rose by £10,973 (£173,304 to £184,277) a 6.3% rise from the beginning of 2018. This is compared with the UK average house price of 3.6% (£224,502 to £232,554)
While London has experienced a slowing in price growth, some boroughs have seen positive results. Both Kensington and Chelsea lead growth in the capital with average property prices up 10.1%
These results follow on from a report by PostOffice Money and Gazeal which discovered the two Scottish cities, Glasgow and Edinburgh, also have the fastest- selling properties in the UK. Edinburgh properties averaged out at only spending 39 days on the market, while Glasgow properties went from the market to a sold status in just 48 days. By comparison the average period in the UK’s 35 major cities is 102 days an increase of almost one week from the previous year (96 days in 2017).
If you need first class legal advice about buying or selling property please get in touch with me Alison Gourley on 0141 552 3422 or by email ajg@mitchells-roberton.co.uk