Big rise in annual house prices in Glasgow, according to Zoopla
House prices in Glasgow have continued to rise over the last 12 months.
That’s higher than Edinburgh, which has seen a 4% rise, with the average house price at £262,300.
However, while Zoopla says that the housing market is resilient and performing better than anticipated, given the current cost of living crisis, it expects the knock on effect will start to ripple through to the property market towards the end of 2022 and into 2023.
It also says that there are no signs of a significant drop off in buyer interest despite higher mortgage rates and the cost of living crisis.
Richard Donnell, executive director of research at Zoopla, is advising would-be buyers and sellers not to panic.
He said: “The ongoing impact of the pandemic continues to support a desire to move amongst home buyers. This is a big reason why the market is not slowing as fast as some might expect and demand remains for sensibly priced homes, especially in more affordable areas.
“The housing market is not immune from higher mortgage rates which we are starting to see increase quickly. Buyer interest is expected to slow over the coming months as people tighten their belts and spend with more caution which will see price growth weaken further.
“Whilst we don’t expect current trends to lead to a marked drop in house prices next year, buyers will become more wary and it is important sellers are realistic when pricing their homes to sell.”