Positive growth predicted for the west of Scotland residential market in 2008
16 January 2008
A positive start to the year with a greater number of properties than expected being put on the market
Scotland is tipped to produce the strongest regional growth in the UK residential property market at 4%, just behind the London market at 5% according to figures just released by international property consultants King Sturge. The UK figure is estimated to rise by 3%.
Scottish residential partner Iain Waugh felt that the west of Scotland market could experience even stronger growth perhaps in the region of up to 10%, stretching from Glasgow and surrounding areas right down to the Ayrshire coast during 2008. He said that King Sturge and other estate agents had made a positive start to the year with a greater number of properties than expected being put on the market.
“The drop in interest rates has added confidence to the market which will be solid in the west of Scotland during 2008” said Iain. “With the average property price in the west being £145,000, there is certainly plenty of room for growth.”
He felt that the Glasgow market would be more buoyant than the Edinburgh market, which he felt would remain strong with healthy market activity, but growth levels considerably less than Glasgow. “The Glasgow market will also benefit from the Commonwealth Games effect, which will fuel growth in the east end of the city, which is being targeted for major regeneration and is likely to prove a key growth area for the buy-to-let and investor market.”
The first-time buyers market will remain challenging during the year, but elsewhere, from the first-time movers to those down-sizing, there is likely to be considerably activity and growth.
