According to Hometrack, the Scottish housing market has accelerated yet again, with Edinburgh recording the fastest house price growth (6.7%) of all UK cities. Edinburgh has overtaken Manchester who recorded growth of (6.5%) and Birmingham registering (5.9%) while the rest of the market appears to be staying rather stagnant.
We are delighted to announce that Glasgow also recorded a significant increase in house price growth, rising from 1.8% September 2016 versus 5.3% today. This is brilliant news and credit must be given to the Glasgow regeneration projects that are ongoing and have been for the past few years. The new Queen Elizabeth University Hospital has impacted greatly on property prices in that area and Glasgow Council have just outlined further regeneration plans with a budget of £400 million. Our advice – watch this space!
Meanwhile, in Aberdeen, prices have continued to decline however a positive sign is that the rate of decrease has slowed to 1.8% which is the slowest rate of price since 2015. The student rental market in the City continues to be in high demand which presenting some very appealing buy to let purchases, with some properties offering fantastic yields!
The indices for house prices (see below) in Scotland’s three major cities since 2007 shows the rise and fall of prices in Aberdeen and the recent acceleration in Edinburgh.
House price indices – Scottish cities
(Source: Hometrack House Price Indices)
McEwan Fraser Legal has also seen an increased popularity in the Dundee property market. Dundee has always been a city associated with the three “J”s : Jute, Jam and Journalism. It was the centre of textile production back in the 18th century and was the location of the worst rail disasters in British History when the Tay Bridge collapsed in 1878.
Since 2001 the City’s Council has been determined to change people’s perceptions of Dundee and with £1 Billion pounds (yes that’s right, BILLION) going into the 30 year Waterfront Project, they are doing a damn good job of it! The project covers an incredible 240 hectares and stretches 8km along the River Tay. The main focal point of the project being the construction of the new V&A Museum of Design which, once completed will be one of only two design museums in the whole of the UK. Once completed we hope to see a rise in property prices located both in and around the City.
For further information on this project please visit: https://www.dundeewaterfront.com/whatshappening
Have you been selling or buying from these areas? We would love to hear your stories! Don’t forget McEwan Fraser Legal can offer you the support of some of the most experienced property professionals across Scotland. If you would like to speak to a member of our team, please call 0131 524 9797 or click here.