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For our latest edition of Delving into Data and following our post in November, we review the current UK housing market in Scotland...
We reported in November 2016 that there were just over 42,000 properties for sale in Scotland, but that has dropped by 20% to around 33,000 today. The average asking price has increased by around 1.5% to around £193k, which is below the rate of inflation. All this, plus the belief that buyer demand is stagnating seems to indicate a wider slow down and shrinkage of the market.
The most expensive area is Edinburgh with an average asking price of £255,617, which is over 30% higher than the average for Scotland. November’s most expensive area, Aberdeen, is this month’s number four in the rankings, with an average asking price of £223k. Interestingly, Edinburgh is also the most in demand sale area in Scotland, with each property having spent on average 107 days on the market. This compares to an average of 193 in Scotland overall, and 146 in England, Wales and Scotland together. It seems that the market remains buoyant in the big cites, with Glasgow second most in demand.
In the Scottish rental market, the average asking price is just £677 PCM, almost half the average rental ask for England and Wales. Only 0.2% of all properties in Scotland are available, compared to 0.54% in the Midlands, and 1.87% in London. As seen in the asking prices for sale properties, Edinburgh and Aberdeen were the most expensive rental areas too.
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