Property prices in Scotland are on the rise
The average price of property in Scotland is continuing to increase and is predicted to continue rising. Figures published in the most recent UK HPI show that the average cost for a property in Scotland was £148,711 for December 2018. This is up 2.4% on December 2017 and despite this increase in cost, the most recent figures on the volume of residential sales have shown a similar increase. In October 2018 there were 9,003 sales in Scotland, which is a 1.9% increase on October 2017. This is however against the trend and since November 2017 the volume of residential sales has decreased in comparison to the same month in the previous year. Hopefully this recent and welcome increase is a sign of things to come.
Indeed the increase in average property price is showing no signs of slowing. Property consultancy firm JLL has estimated that the cost of property in Edinburgh and Glasgow will continue to rise. By 2023 JLL have stated that prices in the Scottish Capital shall increase by 16.5% and 13.7% in Glasgow subsequently. This is well above the estimations for the UK as a whole, which is expected to grow by 11.4%, with Scotland itself estimated to be slightly better at 11.5%. Edinburgh however is truly leading the way and with continued growth anticipated at 3.1% per annum, combined with the ever growing demand to live in the city, these trends shall only continue.