December 19, 2024
Full article
UK growth at 2.5% is positive but the Scottish housing market has accelerated further with Edinburgh enjoying the fastest price growth of all UK cities at 6.7% coupled with increasing sales values of over 20% north of the border in the past three months.
Shortage in supply versus high demand has driven many sale prices well in excess of the home report value in particular in properties below £550,000.
Source: ESPC September 2017
Whilst the picture in and around Edinburgh is very positive activity at the higher end is slower as many buyers are not prepared to pay the punitive property buyers tax – LBTT. They would rather re-mortgage their existing homes and add an extension – this is backed up by a massive increase in planning applications around the city. Other areas worth keeping an eye on are the interest rate increases to 0.5%, squeeze on consumer spending and general BREXIT uncertainty.
Regardless of market movements according to several recent polls, Edinburgh is one of the most desirable places in the world in which to live having been voted second to Wellington, New Zealand. The Capital’s transport network is also one of the best.
It is predicted that the population will grow by 28% in Edinburgh over the next 25 years so buying a good quality property here is a very prudent move……..
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For More Information Contact:
Rob McGregor
Mobile: 07841 920088
Direct Dial: 0131 516 5368
Email: rmcgregor@gilsongray.co.uk
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Matthew Gray
Mobile: 07730 001053
Direct Dial: 0131 516 5367
Email: mgray@gilsongray.co.uk
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The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray.
