MANY of Scotland's property markets are performing exceptionally well at the moment, and most are producing previously unheard of growth rates and average house prices.
Edinburgh, for example, has had the most expensive average house price for years, but still shows no signs of slowing down. In June, the average cost of property in the city soared by around GBP5000 to GBP194,248, while the average year-on-year growth rate is 8.7-per cent.
House prices in Edinburgh have been growing for some time, although this latest increase brings the average price close to the elusive GBP200,000 barrier. While the news of accelerating house values might be good news for home owners in the city, first-time buyers could find it increasingly hard to purchase a property there.
In Glasgow, the news was still positive, although the figures a little less impressive. The city has been recording a steady increase in its average house price for the last few months. The average cost of a home in June was recorded at GBP127,717 - an increase of around GBP1500 from the previous month. The city's year-on-year average growth rate, however, slowed down a little to 5.1-per cent. By comparison, the average cost of a home in Scotland is GBP135,675 and the national average growth rate is 10-per cent.
Inverness is yet another city to come on leaps and bounds at the moment. The capital of the Highlands now has a more expensive average house price than Glasgow, and values continue to rise. The average cost of a property increased to GBP141,359. The average year-on-year growth rate in Inverness was recorded at 12.6-per cent in June.
What they sold for
GLASGOW
24 KILDONAN DRIVE, PARTICK Offers over: GBP99,000 Sold for: GBP120,000 What you got: Freshly decorated threebedroomed tenement flat in traditional sandstone block. Bay-windowed lounge, fitted kitchen, two bedrooms, shower room. Communal grounds to the back.
FLAT 1, 18 LANARK STREET Fixed price: GBP175,000 Sold for: GBP176,000 What you got: Apartment within the Homes For The Future development on Glasgow Green. Open plan living/ dining/kitchen area, two double bedrooms, bathroom and two terraces. Communal gardens.
29 REGENT PARK SQUARE, STRATHBUNGO Fixed price: GBP225,000 Sold for: GBP250,000 What you got: Traditional conversion over two levels. Formal lounge with feature fire surround, dining room, three bedrooms, fitted kitchen with integrated appliances, bathroom and separate WC. Communal garden to the rear. Wealth of period features throughout the apartment, including cornicing and ceiling roses.
INVERNESS 20 MORAY PARK TERRACE, CULLODEN Sold in March 2001 for: GBP85,000 On sale in 2005 for offers over: GBP165,000 Sold in December 2005 for: GBP166,000 What you got: Extended detached bungalow with kitchen, lounge, four bedrooms (one of which is en suite) and bathrooms. Garage and gardens.
8 MACKAY ROAD Sold in March 2003 for: GBP105,000 On sale in 2005 at fixed price: GBP165,000 Sold in November 2005 for: GBP180,000 What you got: Detached property in popular residential area with attached single garage and gardens to front and rear. Lounge, dining kitchen, four bedrooms (two of which are en suite), study/bedroom 5 and bathroom.
EDINBURGH 17 BRUNSTANE MILL ROAD Sold in June 2003 for: GBP570,000 On sale in 2005 for offers over: GBP595,000 Sold in November 2005 for: GBP656,375 What you got: Modern family home set in extensive garden grounds with raised timber decking overlooking National Trust woodland. Drawing room, dining room, study, family room, breakfasting kitchen, utility room, five bedrooms (two of which are en suite), family bathroom.
2 WARRISTON CRESCENT Sold in August 2003 for: GBP150,000 Sold in March 2004 for: GBP173,000 On sale in 2005 for offers over: GBP220,000 Sold in October 2005 for: GBP250,000 What you got: Main door ground floor flat in Georgian A-listed townhouse conversion near the busy area of Stockbridge. Drawing room, kitchen, two double bedrooms and bathroom.
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