Glasgow is winner in hare v tortoise property race of the past decade

27/12/2019 15:45:13

As we approach a new decade, the past 10 years has resembled a race between the hare and the tortoise for UK cities.

Cities such as Glasgow that were slow to recover following the 2008 crash are among those currently registering above average growth.

In contrast cities in southern England, including Oxford, Southampton, Portsmouth London, Cambridge and Bristol have registered a marked slowdown in price inflation over the past three years, with current growth rates well below the 10-year average.

As we come to the end of 2019, housing markets across central Scotland can look forward to a bright future.

Brexit-related uncertainty that has negatively impacted much of the national scene since 2016 is expected to be replaced with a new mood of confidence that will be reflected in growing property values across the UK.

Glasgow and its surrounding areas, including Lanarkshire and Argyllshire, are predicted to be among the biggest winners with values rising by up to 20% over the next five years.

Over the past decade, average UK city house prices have increased at an annual average rate of 4.4% per annum.

While price falls in the latter part of 2018 suppressed the annual growth rate, these have dropped out of current calculations and explain the increase in the current annual rate of growth.

Gregor Cope, Director of Scottish Property Centre Shawlands, said: “The outlook for the coming year will be driven by affordability factors. We expect city house prices to increase by more than three per cent across the UK next year with Glasgow and its surrounding areas experiencing above average growth.

“While the election result removes some uncertainty, market fundamentals set the context for city house price growth and market activity in 2020.”

 

For more information on predicted property values in your area call your local Scottish property Centre branch or visit www.scottishpropertycentre.net.

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