Zoopla House Price Index – Glasgow Bucks the Trend

According to recent Zoopla figures, Glasgow has posted the strongest gains, with property values rising by 5.1% during the past 12 months.

Compare this to the rest of the UK and house price growth for the major cities has fallen to its lowest level in 7 years, with the average property selling for 3.9% under the asking price. The discounts were larger than they had been last year in most of the cities tracked in the Zoopla Cities House Price Index. In Aberdeen offers were an average of 8% less than the asking price accepted, seemingly in response to weaker market conditions and buyers who are negotiating harder on price.

Although homes in London are selling for an average of 5.7% less than originally asked and above-average discounts being achieved in Newcastle, Oxford and Liverpool, Scotland is bucking the trend. In Glasgow and Edinburgh homes are still being sold for more than the original asking price.

House prices

House price growth slowed to an average of 1.7% year-on-year, down from an annual rate of 1.9% this time last year. However, Glasgow posted the strongest gains, with property values rising by 5.1% during the past 12 months. London has the weakest property market with values dropping by 0.5% in the last year.

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