New figures from the UK House Price Index (HPI) shows that the average property price in Scotland in May was 2.8% higher than the same time last year, standing at £152,801, and that prices had risen by 1.2% from April to May this year.
Data from the Office for National Statistics (ONS) has shown that the increase was the third highest in Britain after the north-west of England and Wales.
The largest house price increases were seen in North Ayrshire where prices rose by an astonishing 8.2% and Stirling with a 7.2% rise. However, house prices fell in both South Ayrshire and Aberdeen.
Average house prices in Scotland have continued to demonstrate an upward trend and have increased every month since May 2016 when compared to the same period the previous year. In addition, house prices in Scotland have risen faster than the UK annual rate.
The gap between the Scottish and London property market shows no sign of slowing down and is double the annual pace of growth in England – and the UK as a whole. Sales volumes in March rose by 5% above the level seen the same time in 2018 and there has been steady rise in prices across Scotland as a whole. England’s rate of growth is very much being held back by the sharp fall in prices in London – and buyer demand in Scotland has strengthened.
In fact, the current situation in London reinforces the argument that investors should move away from London and look towards Scotland. We haven’t seen the exodus of cash buyers as seen there and buyers are choosing Scotland over London and the south-east as they can buy more for their cash.
If you are considering investing in property here in Scotland talk to Steven Lucas about the property market here in Glasgow and the West End micro-market.
Vanilla Square – highly personal sales! At Vanilla Square you will always be liaising with one of our business partners, which makes our service that much more responsible and approachable. When you instruct us, your property will reach a wider audience as we are one of the few agents who are present on all the major property portals to offer sellers maximum exposure. If you’re looking to buy or sell your property, or you’re simply considering the idea, contact us by calling 0141 229 0210 or pop into our new office at 711 Great Western Road. One of our partners will be delighted to help and provide you with impartial, expert advice.