04.01.2019 Edinburgh property market is soaring

04.01.2019 Edinburgh property market is soaring

Many UK cities are experiencing a slowdown in the housing market over the past couple of years. House price growth in London has slowed to a nine-year low.

In the meanwhile, property markets in the north of England and parts of Scotland are soaring.  According to the figures provided by Hometrack, annual price growth in Edinburgh and Manchester in the year to May 2018 was 7.1% and 7% respectively, while annual growth in the London dropped sharply to just 0.4%.

Edinburgh has become one of the UK’s hottest property markets, with prices for prime properties rising almost four times faster than the UK average. Prices of the top end properties valued at £2 million and above are rising at an annual rate of just under 16% in the last quarter of 2018.

This can be contrasted with the situation in the capital. According to Knight Frank, estate agency, prices for luxury properties in central London fell by 4% in the year to November 2018.

Oliver Knight, an associate at Knight Frank Residential Research, said: “A key factor underpinning recent strong performance over the past year in Edinburgh has been a notable increase in activity levels, particularly within higher price bands.”

“In the main, the data suggests that Edinburgh has been less affected by the political uncertainty impacting other prime markets in the UK,” he added.