The two largest cities in Scotland have both seen an average house price growth of at least 9% this year – more than double than UK average – according to recent data from HouseSimple.
Property prices in Glasgow have increased by 9.1%, from £126,016 at the start of the year to £137,507 in September 2018. Similarly, Edinburgh saw average house prices jump 9% from £242,807 to £264,745 over the same period.
Two other Scottish cities placed in the top 20 UK towns and cities with the most significant house price gains. Dundee housing costs increased from £118,723 to £127,228 (a 7.2% spike), alongside Stirling where house prices rose by £10,973 (£173,304 to £184,277), a 6.3% rise from the beginning of 2018. This is compared with the UK average house price growth of 3.6% (£224,502 to £232,554).
While London has experienced a slowing in price growth, some boroughs have seen positive results. Both Kensington and Chelsea lead growth in the capital, with average property prices up 10.1%.
These results follow on from a report by PostOffice Money and Gazeal which discovered the two Scottish cities also have the fastest-selling properties in the UK. Edinburgh properties averaged out at only spending 39 days on the market, while Glasgow properties went from the market to a sold status in just 48 days. By comparison, the average period in the UK’s 35 major cities is 102 days – an increase of one week from the previous year (96 days in 2017).
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