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Zoopla cites 3 Scottish cities for property price spurt
3 Scottish cities have been reported as experiencing the highest property price increases in the UK recently.
Zoopla has reported that Edinburgh, Glasgow and Aberdeen are among a list of 20 cities where property prices have spurted in the country.
The capital, Edinburgh topped the list. The current average house price is a meaty £225,300 here which is a year on year growth of 7.1%.
Glasgow reached number 15. There has been a 2.8% annual growth here and average house prices are £125,400.
Bringing up the rear, Aberdeen was number 20 on Zoopla’s report — the average house price is £178,300. However, for the city, this is actually a decrease in year on year growth of 5.7%.
For those looking to move within Scotland or to the country for the first time, this report can help you establish where to make the smartest investment for the best return. For those who own property in these areas, it might just be the encouragement you need to sell up.
Luckily, it looks like Scotland may benefit from these increases in the coming years too. PwC has predicted that the average Scottish house price will increase by 20% to £172,000 in 2022, a faster pace than anywhere elsewhere in the UK.
Of course, a lack of wage growth could mean that these increases cause the market to stall. However, the building of new homes remains consistent in Scotland, so we believe the growth pace is, overall, a positive.