House prices in Scotland have grown at twice the rate of south of the Border, adding £45 a day to the value of the average home.
Fresh figures show that the country’s property market surged in November on the back of strongest sales since 2007, with prices up by 13% compared to the year before.
In Glasgow the average property rose by 1.4% during the same timeframe, and 7.7% across the year.
Douglas Telfer, Glasgow Property Partner, is predicting continued growth in the Glasgow market throughout 2016.
“Traditionally the market used to slow down significantly after October but in the last few years we have not experienced this traditional lull.
“The 13% rise year-on-year rise also comes as no surprise to me as our own sales in Glasgow increased by 14% compared with 2014 which is obviously slightly above the national average.”
He added: “Demand continues to far outweigh supply. This lack of stock compared with the number of active buyers has resulted in properties going to closing dates more often than not and the sale prices achieved are well in excess of Home Report valuation.
“This results in valuations increasing for new properties coming on the market as surveyors check the last quarter sale prices on the Registers of Scotland data. These higher valuations therefore increase the ultimate sale prices achieved which explains the jump in the average house values.
“I expect house prices to continue to rise in 2016. Mortgage rates remain at an unprecedented low rate and even this week there are indications that the base rate will not rise until 2017.
“This coupled with the buy-to-let investors desperate to purchase prior to a tax rise in April will result in demand continuing to outweigh supply in the first quarter.
“We will then enter the traditional busy summer market and if the trend of recent years continues then the market will remain buoyant right through until the end of the year once again.”
If you would like to speak to Aberdein Considine’s Glasgow property experts, call 0333 00 66 333 or email [email protected]