Glasgow house prices dropped slightly in February, figures reveal

House prices dropped slightly, by 0.5%, in Glasgow in February, new figures show.

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But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 9.5% annual growth.

The average Glasgow house price in February was £165,805, Land Registry figures show – a 0.5% decrease on January.

Over the month, the picture was better than that across Scotland, where prices decreased 1.7%, but Glasgow underperformed compared to the 0.5% rise for the UK as a whole.

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Over the last year, the average sale price of property in Glasgow rose by £14,000 – putting the area 23rd among Scotland’s 32 local authorities with price data for annual growth.

The best annual growth in the region was in Na h-Eileanan Siar, where property prices increased on average by 22.7%, to £156,000. At the other end of the scale, properties in the Shetland Islands lost 1.6% of their value, giving an average price of £173,000.

Winners and Losers

Owners of flats fared worst in Glasgow in February – they dropped 0.7% in price, to £139,206 on average. But over the last year, prices rose by 7.5%.

Among other types of property:

  • Detached: up 0.4% monthly; up 17.8% annually; £444,745 average
  • Semi-detached: down 0.3% monthly; up 12.9% annually; £241,081 average
  • Terraced: down 0.4% monthly; up 12.3% annually; £206,045 average

First steps on the property ladder

First-time buyers in Glasgow spent an average of £149,000 on their property – £12,000 more than a year ago, and £43,000 more than in February 2017.

By comparison, former owner-occupiers paid £197,000 on average in February – 32.2% more than first-time buyers.

How do property prices in Glasgow compare?

Buyers paid 8.3% less than the average price in Scotland (£181,000) in February for a property in Glasgow. Across Scotland, property prices are lower than those across the UK, where the average cost £277,000.

The most expensive properties in Scotland were in Edinburgh – £315,000 on average, and 1.9 times as much as more than in Glasgow. Edinburgh properties cost 2.6 times as much as homes in North Ayrshire (£120,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in February

  • Glasgow: £165,805
  • Scotland: £180,822
  • UK: £276,755

Annual growth to February

  • Glasgow: +9.5%
  • Scotland: +11.7%
  • UK: +10.9%

Best and worst annual growth in Scotland

  • Na h-Eileanan Siar: +22.7%
  • The Shetland Islands: -1.6%