Scottish property prices – How are they faring?
With Brexit fast approaching and the economic uncertainty it entails, it may be many people’s first assumption that Scottish property values will be taking a serious hit. However, this expectation has been proved wrong by recent figures coming from the residential property industry,
The Edinburgh Solicitors Property Centre, which lists homes for sale in Edinburgh, Lothian, Fife & the Borders, have revealed statistics which show that the average sale value has increased across these areas of Scotland by 4.9% over the course of 2018. Indeed, the property prices had climbed to an average value of £242,000 by the end of 2018.
The Scottish Property Centre have also investigated trends in the rate of property inflation in Scotland’s largest city, Glasgow. Their figures show that the Glasgow property market “continues to grow” with prospective homeowners facing property price rises of 5.5% which have proved to be the fastest rising prices of any major UK city. The highest home values have been in East Renfrewshire, rising by 1.4% during 2018 and the average property price being worth £265,240.
In terms of the future, the Scottish rate of house price growth is not due to falter any time soon. At least, this is what has been predicted by international professional services firm, JLL, who have branches in Edinburgh and Glasgow. They claim that property values in the Scottish capital are set to increase by 16.5% by 2023.
So, this evidence shows that the general raise in Scottish house prices has happened despite uncertainty over Brexit and stretched affordability when comparing house prices with income.