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Aberdeen and Edinburgh lead the way in housing market recovery
The Hearld ScotlandFebruary 20th 2015Aberdeen and Edinburgh have witnessed a surge in property prices since their recovery from the market's downturn, often at the expense of some cities in sothern England.The Granite City has undergone the biggest rise north of the Border since it's turnaround in home prices began in October 2008 following the ecenomic downturn.Average prices have gone up by just under ￡50,000 to stand at ￡197,600. It is ahead of Bournemouth (￡46,533), Portsmouth (￡37,582) and Cardiff (￡30,433), and only slightly behind Bristol which saw rises of ￡54,539 since those cities staged their recoveries.The research by property analysts Hometrack found the Scottish capital has seen a 10.7 per cent rise of ￡17,416 since its delayed recovery began in November 2012. The average property now stands at ￡189,000.Glasgow has seen average price rise by 6.3% (￡6,482) since its property market began improving in July 2012, to reach an average of ￡108,700.Scotland's biggest city, along with Newcastle (8%, a rise of ￡9,021) and Leeds (10.0% of ￡12,886) boast which are between three and six times the average earnings, according to the Hometrack UK Cities House Price Index. Richard Donnell, the analyst's director of research said: "House price growth within cities reflects the strenght of their local economies and the demand for housing."
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