04 Jul 2016

Glasgow house prices growing at fastest rate in a decade

Glasgow house prices growing at fastest rate in a decade

Glasgow revealed as only city in Scotland where the annual property price increase was larger than the 10-year increase.

Glasgow property prices have risen faster over the past 12 months than they did over the past decade, according to new government statistics.

Data from the Registers of Scotland shows the city had an average price of £135,140 during 2015-16, up 2.6% compared to 2014-15, and 1.7% on 2006-07.

It is the only city in Scotland where the annual increase was larger than the 10-year increase, according to the Register's '10 Year Report'.

In terms of volumes, Glasgow had 11,295 residential sales in 2015-16, up 11.4% on 2014-15, but down 38.7% over the decade.

Is it a good time to sell in Glasgow?

Dougie Telfer, a Partner at Aberdein Considine's Glasgow offices, says the figures accurately reflect what is happening in the local market at present.

"The Glasgow property market was slower to recover from the recession than other cities - but it really has turned a corner over the past year.

"We now have a situation in some areas where there isn't the stock on the market to meet the demand - and with more people bidding on properties, the average sale price is increasing.

"We are expecting demand for Glasgow homes of all sizes to remain high throughout the summer, so if you are thinking about selling, please get in touch with one of our Glasgow offices."

How does Glasgow compare with other Scottish cities?

In 2015-16, Edinburgh had the largest volume of residential sales along with the highest market value and average price. Volume of sales in Edinburgh increased 9.1% in 2015-16 when compared to the year previous, but were 29.3% down from 10 years earlier.

The average property price fared much better, with the average price at £227,967 in 2015-16 compared to £196,336 in 2006-07, an increase of 16.1% over the 10-year period.

Aberdeen recorded the highest growth in average price within the 10 years of the report. The average price of a property in Aberdeen was 44.3% higher in 2015-16 than it was in 2006-07, increasing to £198,101.

This average was 3.9% less than in 2014-15, the biggest reduction year on year in Scotland’s cities. The sales volume in Aberdeen was 3,826 for 2015-16, 12.7% less than the previous year and 44.5% lower than a decade ago.

In Dundee, the average price of a residential property in 2015-16 was £128,809, 12% higher than in 2006-07 and 1.3% up on the previous year.

Volumes decreased by 42.6% across the decade to 2,411 in 2015-16, which represents a 12.3% increase on 2014-15.

Glasgow property experts

If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.

Following our merger with A&S Ireland, we now have four offices across Glasgow - including the West End, the City Centre and Glasgow Southside.

We are also an independent broker of buy-to-let mortgages and can offer home loans without any hidden fees.

If you would like to speak to a member of our team, call 0333 0066 333 or click here

* Your home may be repossessed if you do not keep up repayments on your mortgage.


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