Mini housing market boom in Scotland
April 24, 2018 - Scotland
Property price growth in Scotland is soaring ahead of the UK with an annual rise of 7.3% in the 12 months to February 2018 and values up 2.3% month on month, the latest index shows.
This growth takes the average price of a home on Scotland to £182,936, according to the figures from the Your Move index with year on year growth six times that of England and Wales.
Not only is Scotland currently seeing the highest growth rate in its house prices for nearly 10 years, but it also tops the league in terms of house price growth in the UK Average house prices are currently climbing at an annual rate of 1.1% in England, 3% in Wales and 4.3% in Northern Ireland.
The index report describes it as a mini housing boom and points out that price growth is heavily dependent on Edinburgh and Glasgow which accounted for 28% and 14% of the growth respectively. But it adds that even without this, price growth for February in Scotland would be 2%, still higher than in many other parts of the UK.
The highest annual growth was 15.1% in East Renfrewshire, followed by 13% in Falkirk, 12.6% in the Borders and Fife, 11.4% in Edinburgh and East Lothian and 10.4% in Glasgow. Prices fell in only three areas with a decline of 3.2% in Stirling, 1.9% in East Ayrshire, 1.2% in Aberdeen and 0.6% in South Ayrshire.
Month on month growth was led by Edinburgh with a rise of 7.3%, followed by East Renfrewshire up 7.1%, Angus up 5.2%, Inverclyde up 4.9%, Argyll and Bute up 3.8% and Midlothian up 4.1%.
The index report suggests that some of the growth is down to the low transaction numbers typically seen in February, coupled with a relatively small number of high value sales in Edinburgh which accounted for over half the monthly increase in Scotland.
Read the rest of the article @ propertywire.com
Photo : Inchdrewer Castle
Trends, property prices, property market, real estate market