Edinburgh is a Property Hotspot as house price growth has continued for a straight six months and the country can now boast of having the second highest increase in the UK.
A new index shows that property prices went up by 0.1 per cent in July, marking a 4.7 per cent annual increase, with just the East of England experiencing higher growth. This rise took the average Scottish property price to £175,877.
The index highlights the fact that property prices in Scotland continued to rise despite uncertainty caused by the unexpected hung parliament election result which occurred in June.
It adds that Scottish house price growth continues to be supported by ongoing low interest rates, a growing economy and an unemployment level which is now at its lowest for 42 years.
No less than half of Scotland’s 32 local authority regions experienced house price growth in the month and only four – West Lothian, West Dunbartonshire, Aberdeenshire and Inverclyde – didn’t see growth over the last year
The biggest price increase, on both a monthly and an annual basis, was experienced in Clackmannanshire, where values went up by 9 per cent year-on-year, which is the equivalent of around £12,500. The area does experience property price volatility, however, due to relatively few sales happening in the area.
More significantly, Scotland’s biggest cities continued with a trend of strong performance. Edinburgh took over from East Renfrewshire as Scotland’s most expensive area, experiencing a rise of 1.4 per cent in July, reaching an average of £257,676. The city also saw an annual increase of 7.1 per cent.
Glasgow was ranked in 16th place of the Scottish regions and saw a 0.9 per cent monthly rise, reaching a new peak price level again after doing the same for the previous two months. The only other region to reach a groundbreaking peak was Angus.
Glasgow property prices currently stand at £155,086 on average, marking a 7.3 per cent annual increase. This growth was largely driven by terraced properties and flats, which are popular with buy-to-let landlords and first-time buyers.
If you would like to discuss buying or selling property in Edinburgh, then call the Coulters team today 0131 603 7333 – someone will always be available to help.