18 Dec

Scotland and Wales lead way in fastest house price growth

The fastest house prices rises in the UK have been in the Scottish cities of Glasgow and Edinburgh. Unsurprisingly, the borough of Kensington and Chelsea saw the fastest growth of house prices in London, while Newport in Wales was the area with the third-highest house price growth.

According to Land Registry figures, Glasgow and Edinburgh have each seen the average house price growth in their environs of at least 9 percent in 2018.

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London borough has biggest increase

In Kensington and Chelsea, house prices grew on average by 10.1 percent, says online estate agent HouseSimple, who analysed the Land Registry data.

In Glasgow, the average property price rose by 9.1 percent from £126,016 in January of this year to £137,507 by September.

In Scotland’s capital, the average house price is now £264,745, up from £242,807 in the same period, an increase of 9 percent.

Newport benefiting from scrapped tolls

Newport saw its house prices increase by 8.6 percent with the Welsh town boosted by the decision to scrap the tolls on the Severn Bridge from December.

HouseSimple revealed that UK average house prices are up by 3.6 percent in 2018. In London, Brent is second only to Kensington and Chelsea with its 9.3 percent increase, while Richmond-upon-Thames rose by 7 percent.

Outside of London, the best-performing English city was Wolverhampton with average house price growth of 7.9 percent, followed by Salford and Leicester, both at 7.4 percent.

Watford led the way in low growth, the Hertfordshire town’s average house prices dropping by 9 percent since January. The City of Westminster saw the largest fall in prices, down 9.7 percent in 2018.

Opportunity to complete transactions

Sam Mitchell, chief executive officer of HouseSimple, said: “There’s been a great deal of focus on the housing market cooling off in recent months, but it might surprise some people to know that our research shows average house prices are actually higher than they were at the start of the year in more than 80 percent of major UK towns and cities.

“We are now coming into a traditionally quiet period for property transactions. We could see a few more sellers and buyers taking the opportunity to progress and complete transactions before the New Year.

If you’re ready to buy or sell your home, talk to Homeward Legal to day to kickstart your conveyancing transaction. We work with experienced property solicitors across England and Wales who can start the sale or purchase process immediately on your behalf.

Talk to our team on 0800 038 6699 or go here for an instant, online conveyancing quote that comes with Homeward Legal’s no-completion, no fee guarantee.