Glasgow property market continues to grow as average home prices in East Ren top £265k

27/11/2018 07:01:28

A surge in property values in East Renfrewshire – home to the upmarket suburbs of Newton Mearns, Whitecraigs and Giffnock – has seen the price of a typical home top £265,000, according to new figures published this week.

With prices in the area rising by 1.4% in the past 12 months, the average property is now worth £265,240.  

Prospective homeowners in Glasgow, where property prices rose by 5.5%, can expect to pay £166,155 on average – the highest figure registered this year. Glasgow now has the fastest rising prices of any major UK city.

Fewer homes going on the market and a rise in demand from buyers accounted for the rises, according to experts.

Edinburgh remains the most expensive place in Scotland to buy a home, with an average price of £267,035, a rise of 3.8% compared to last year. In East Dunbartonshire prices rose by almost 10% to hit £251,547.

High demand in Glasgow and the surrounding areas saw strong demand for all types of property, with the south side as desirable as ever. 

Responding to the figures Gregor Cope, Director of Scottish Property Centre Shawlands, said: “This is good news for people looking to sell who can expect a better return than this time last year.

“Rising property prices indicate a buoyant market and a high level of confidence which is an encouraging sign. Concerns about Brexit do not appear to have had an impact, contrary to what some people forecast.

“Given the shortage of stock and level of competition, buyers are willing to pay over Home Report valuations, in some cases by up to 30%. “

The traditional North-South house price divide is expected to narrow over the next five years as property prices rise at a faster rate in Scotland compared with London.

According to a report published this week, house prices nationally are expected to increase by 14.8% by 2023, adding £32,000 to the average house, valuing it at £248,000 by the end of 2023. Scotland will see 18.2% growth, compared with just 4.5% in the UK Capital.

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