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Glasgow is UK property boomtown

Posted on 19th January 2018 in News

Is it too early to say ‘we told you so’?

It may be too early in the year to say ‘we told you so’ but our predictions for property sales in 2018 already seem to be playing out with Glasgow recording the highest price growth in the UK.

It seems that the number of homes changing hands in Scotland is now at a 10-year high and prices also continue to rise faster here than in any other part of the UK.

So, there’s some January cheer for sellers with the market remaining strong, having grown by around 5% in the past year, compared with just 0.9% south of the border.

In Glasgow average prices reached a new peak in November of £157,353 – up almost 10% on the year before.

The city accounted for more than a quarter of the increase in values in Scotland over the last year, according to a new property prices index.

Meanwhile, it gives us no pleasure to report that the Glasgow Solicitors’ Property Centre appears to be suffering from the impact of big national property portals such as Rightmove.

Its Edinburgh equivalent, which includes its accounts, reported losses of £77,000 last year as it struggled to compete with the big boys.

For years the GSPC and the ESPC provided a listings service for estate agents and another platform, besides local newspapers, on which to advertise.

But it is now having to come to terms with the realities of the new digital environment and 2016, when it recorded profits of £955,000 suddenly seems like a long time ago.