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October 2017

Scottish house price growth led by Edinburgh and Dundee

Published: Wednesday 18 October 2017

By David Fuller 

Edinburgh leads house price growth in Scotland, according to the latest Office of National Statistics (ONS) figures, increasing by 10.4 percent year on year. This takes the average price for the city to £223,283.

However, the city has competition in the form of Dundee, which has also seen impressive house price growth over the past year. Prices for houses in the city are growing twice as fast as the country’s national average house prices. Independent figures released by estate agents, legal and financial advisers, Aberdein Considine, recently revealed that the cost of a home in Dundee rose by 5.5 percent during the second quarter of 2017, compared with a national average rise of just 2.6 percent. The average house price in the city is currently valued at £133,312 — up by almost £7,000 on the same time last year.
“Dundee hasn’t had the same boom or bust market seen in other parts of the country and has enjoyed steady house prices over the past decade,” said Laura Considine, a partner in Aberdein Considine. “However, the city is most certainly gaining popularity and with the amount of development going on has worked its way into the national conscience.”

In contrast, property prices in Aberdeen have fallen 4.8 percent, with the average price of a property there of £176,389.

The average price of a home in Scotland now stands at £161,815. East Renfrewshire is the most expensive place in Scotland to buy a home. The average property price in that region is £249,353.

For more information, infographics and the latest currency insights, visit www.halofinancial.com/news