Glasgow Property Update – July 2018Posted on 30th July 2018 in News
Scotland’s house prices continue to rise as the latest Government house price statistics show. Read on for our digest of the latest statistics, released in July 2018.
Property prices continue to rise in Scotland
The average price of a property in Scotland was £149,004, a growth of 4.9% compared the same time last year. Scotland is outperforming the UK as a whole, which sees an annual increase of 3% in the year to May 2018.
This latest information brings Scotland roughly back to where the market was in May 2014. Following a gradual dip which bottomed out in 2016, prices have continued to rise for the past two years.
How do different types of property vary in sales price?
All house types in Scotland saw an increase when compared to May 2017. Terraced houses showed the biggest increase, rising by 5.6% in the year to May 2018 to £123,000. The average price of flats and maisonettes showed an increase of 4.6% in the year to May to £108,000, the smallest increase of all property types.
How does Glasgow fair?
Glasgow and the surrounding areas saw large year on increases, all coming in above the UK average of
3%, and most topping the Scotland overall increase of 4.9%.
West Dunbartonshire leads the upward curve
House prices have increased over the last year in 26 out of 32 Scottish local authority areas. West Dunbartonshire continues to show strong growth, increasing by 12.9% in the year to May 2018 to £105,000. This was closely followed by City of Edinburgh where prices increased by 9.9% over the year.
Changes in volume of properties for sale in Scotland
Sales in Scotland have followed a mirroring curve to house prices. In 2016, when sales prices in Scotland took a small dip, the number of properties for sale increased significantly. As property prices have continued to rise during 2017 and 2018, the number of properties for sale has conversely decreased.
Across Scotland as a whole, the volume of sales has decreased when compared to last year by -16.1%.
Broken down locally, Glasgow and the surrounding areas show a variety of results, with West Dunbartonshire bucking the Scotland and UK wide trend, and showing an increase. Indeed, the only other areas in Scotland to show an increase in sales volume was Orkney and the Highlands.
Fears around Brexit, and the rising costs of LBTT (Land and Buildings transaction Tax) could be part of the reason why this downturn is present. However, as we have seen this makes for a more competitive market, and pushes sale prices higher, which is good news for those looking to sell.
All statistical information from the Land Registry UK House Price Index Summary: May 2018