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Edinburgh house price growth catching up with London
HOUSE prices in Scotland's capital are growing nearly as fast as those in London, a new report has found.
The value of property in Edinburgh jumped by eight per cent during the
last 12 months, meaning the property market in Auld Reekie is catching
up with what has traditionally been the UK's most active hotspot, where
house prices grew by nearly 10 per cent.
The figures were revealed in the latest Hometrack UK Cities Index,
which keeps tabs on house prices in 20 urban centres around the UK.
Edinburgh joins Bristol and Southampton as the areas "snapping on
London's heels", according to the study. Overall, house prices rose by
4.3 per cent in the UK's cities between May and July 2015, the highest
quarterly growth for 11 years.
However, the after-effects of the property crash are still being felt
in some areas with prices said to have grown by 5.5 per cent in Glasgow,
although the housing market in Scotland's largest city remains well
below its peak of 2007.
And the clouds of gloom affecting Scotland's oil industry, where there
has been a substantial number of job losses amid a drop in energy
prices, has had a knock-on effect in Aberdeen where house price growth
has not outperformed the increase in average earnings.
The Granite City was revealed to have the slowest house price growth
of any of the 20 population centres featured in the Hometrack report,
with values dropping by 0.7 per cent compared to last year.
Faisal Choudhry, director of Scottish Research at estate agent
Savills, said that it was no surprise that Edinburgh's property market
was leading the way in Scotland.
He said: "Edinburgh was one of the first places to recover from the 2007 crash and remains a hub for the property market.
"This is partly down to its status as a capital city but also supply
inside the city is constrained meaning prices are pushed up.
"It is home to some very desirable areas, such as the New Town and
Morningside, and it has good schools, parks and Georgian architecture
not seen in other cities."
He added: "But that is not to say that Glasgow is far behind. We see
areas such as the West End catching up with Edinburgh, alongside areas
of Greater Glasgow such as Bearsden and Newton Mearns."
The highest year-on-year growth was said to be 10.9 per cent in Cambridge followed by Oxford, London and Bristol
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