Glasgow forecasts 10% rise in property prices
Leading property consultants Knight Frank predicts that house prices in Glasgow and west Scotland will continue to rise this year by about 10%.
They say a 9-10% rise is on the cards and last month's Bank of England decision not to increase the base interest rate above 5.25% will help the ever-expanding market. The average house price in Glasgow is just under £140,000, but some homes in the city's most desirable districts can sell for more than £500,000.
John Coleman, Knight Frank's head of residential sales in Scotland, said: "We anticipate the market will remain strong through the rest of the first half of 2007, with buying activity at or above the 10-year average." Although he went on to say: "It is increasingly difficult for first-time buyers to access the market and price growth higher than one or two percentage points above wage inflation is unlikely."
They say a 9-10% rise is on the cards and last month's Bank of England decision not to increase the base interest rate above 5.25% will help the ever-expanding market. The average house price in Glasgow is just under £140,000, but some homes in the city's most desirable districts can sell for more than £500,000.
John Coleman, Knight Frank's head of residential sales in Scotland, said: "We anticipate the market will remain strong through the rest of the first half of 2007, with buying activity at or above the 10-year average." Although he went on to say: "It is increasingly difficult for first-time buyers to access the market and price growth higher than one or two percentage points above wage inflation is unlikely."
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