Glasgow home buyers get most value for money following another property market spike

18/02/2020 18:59:34

The Scottish property market experienced a sharp spike in activity following the General Election with more than 10,000 properties changing hands in December, according to a new report.

Glasgow provided some of the best value for money in Scotland, with the average property selling for £163,674 in the final quarter of 2019, compared with £265,905 in Edinburgh, the study showed.

Sales rose in 25 of Scotland’s 32 local authority areas in December, with £1.9billion worth of property purchased in the post-election surge.

The total value of sales throughout the year was £18.7billion, some £550million more than in 2018.

Craig Smith, Director of Scottish Property Centre Shawlands, said buyers had signalled their confidence in the housing market, assisted by an end to Brexit uncertainty and the election of a majority government.

He said: “The property market in Scotland, and Glasgow in particular, has held up surprisingly well given recent turmoil over Brexit but the election result has brought a fresh wave of confidence.

“Scottish voters may not have contributed to the Conservatives’ success at Westminster, but the market north of the border will, nonetheless, benefit from the stability of a majority government.”

He added: “We have not experienced a better period for property sales since before the 2007 credit crunch and all the signs are that this trend will continue.”

Half of mortgaged property purchases in Scotland last year were for first time buyers, according to the Property Monitor report, and up to 6,000 more are expected to access the First Home Fund, launched by the Scottish Government, in the coming year.

Those using the shared equity scheme benefit by up to £25,000 towards the cost of a home and it is forecast to be a driving force in the market this year.

Meanwhile, the Property Monitor report showed that East Lothian – with an average property price of £267,905 – is now the most expensive place in Scotland to buy, with Edinburgh in second place.

East Dunbartonshire recorded the largest price rise during Q3 of 2019 and is now the country’s third most expensive area, with an average sale price of £263,291.

To have your home valued free, call your local Scottish Property Centre branch or visit www.scottishpropertycentre.net

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