By The cities Glasgow and Edinburgh in Scotland have witnessed the fastest rise in house prices compared to any other town or city in the UK this year, according to the recent analysis of Land Registry data from online agent HouseSimple.
Glasgow and Edinburgh, the two largest cities in Scotland, saw a house price increase of 9 per cent in 2018. When breaking down the data further, house prices in Glasgow rose 9.1 per cent between January and September 2018 and during the same period, house prices in Edinburgh rose by 9 per cent.
At the beginning of the year, house prices in Glasgow were on average £126,016 whereas in September they shot up to £137,507. In Edinburgh, house prices grew from £242,807 in January to reach £264,745 in September 2018, according to the Land Registry figures that were analysed by HouseSimple.
Following closely behind Edinburgh, Newport in Wales made it into the top three for the UK towns and cities which saw the highest house price increase in 2018. This location has witnessed an average house price increase of 8.6 per cent since January since it was announced in late 2017 that the Severn Bridge tolls would be scrapped in December this year.
It was also revealed that in London, the borough of Kensington and Chelsea, witnessed the highest growth of house prices in 2018. House prices increased by 10.1 per cent in the well-to-do London borough, when analysing the rest of the recent Land Registry figures.
In fact, the average house prices across the whole of the UK rose by 3.6 per cent in 2018 from an average price of £224,502 recorded in January, to £232,554 in September 2018.
Sam Mitchell, CEO of Housesimple.com, commented on the recent analysis of Land Registry data: “There’s been a great deal of focus on the housing market cooling off in recent months, but it might surprise some people to know that our research shows that average house prices are actually higher than they were at the start of the year in more than 80 per cent of major UK towns and cities.
“While stock levels rather than a healthy level of transactions will be cited as the reason that house prices remain at the level they are, that would be doing a disservice to a property market that has proved impressively robust in the face of some pretty strong economic headwinds this year.
“We are now coming into a traditionally quiet period for property transactions, which was expected to be quieter as a result of the Brexit vote, due to take place today. Now it’s been postponed, we could see a few more sellers and buyers taking the opportunity to progress and complete transactions before the New Year.”
The London boroughs with the best house price increases
in spite of a dampening in house prices across the capital this year, there were many London boroughs which saw a house price increase, proving that the slowing in house prices wasn’t felt in every borough of the capital, according to the recent analysis by HouseSimple.
The capital’s boroughs that witnessed healthy house price growth in 2018 were revealed to be Brent, with an average increase of 9.3 per cent, Richmond upon Thames, with 7 per cent and Newham with 5.5 per cent.
Other London boroughs that witnessed a growth in the average house price this year were; Ealing at 5.1 per cent, Redbridge at 4.9 per cent, Kingston upon Thames at 4.3 per cent and Southwark at 4.2 per cent. Bexley’s average house prices also increased by 3.1 per cent and Islington saw an increase of 2.8 per cent.
However, the City of Westminster saw a decrease in the average house price this year of 9.7 per cent, according to the recent analysis of Land Registry data by HouseSimple.
Other UK towns and cities with positive house price growth
Elsewhere in the UK, Wolverhampton recorded a 7.9 per cent increase in average house prices and Salford and Leicester also witnessed a large house price increase of 7.4 per cent. Derby’s average house prices increased by 7.3 per cent this year, whereas, the Scottish city of Dundee’s average house prices rose by 7.1 per cent.
Stockpot reported a house price increase of 7.1 per cent, house prices rose in Peterborough and Sheffield by 6.9 per cent, Guildford’s average house prices increased 6.8 per cent and Lincoln and Worcester’s house prices rose by 6.7 per cent.
However, the English town of Watford saw a slower increase in the average house price, as prices were hit by a 9 per cent decrease during 2018, according to the recent analysis of Land Registry data from HouseSimple.
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