A look at the 2018 housing market
Posted in Industry News on 12/02/18
Despite the ongoing uncertainty around Brexit, house prices in Scotland rose by a respectable 2.6% in 2017, up from an increase of 2.2% in 2016.
In November, the Bank of England raised interest rates to 0.5% and it is unclear how much of an effect this will have on house price growth in 2018. It is however only a small increase so it is unlikely to have much of an impact on mortgage applications and subsequent demand for properties.
For the market as a whole, the picture looks promising. However, in certain areas house prices are rising faster than others, and in some, prices taking a slight dip. For example, due to extraordinary demand, house prices have risen by 6.7 per cent in the past year in Edinburgh, and have fallen by an average of 5.3% in Perth.
Overall, we predict the housing market to remain steady and for average prices across Scotland to continue to rise at a similar rate to 2017. This means a favourable climate for both buyers and sellers.
If you are thinking about buying or selling and would like to speak to one of our property experts in more detail, please do not hesitate to get in touch.