Scotland tops the regional property price rise table
Overall asking prices for prime regional property in the UK have increased by 3.5% so far this year, according to a report published today (Friday 30 September).
Scotland and the North of England have been the most successful regions for prime properties reaching the top 25% of the market by price, the latest Prime Index from property website PrimeLocation.com shows.
Prices in these regions have all increased by more than 6% since January, with Scotland the best performing region, with the average prime property gaining over £25,000, which equates to over £3,000 a month. Asking prices in the region rose by 6.8% to take the typical asking price to £410,530.
Behind Scotland, the North West and the North East were the second fastest rising regions, where asking prices for prime properties have increased by 6.1%. In the North West, this translates to a gain of £20,341, and a current asking price of £355,248, while in the North East the average prime asking price is £323,333, representing an increase of £18,523.
Across the UK, asking prices for prime property have increased by an average of £15,934 over the first eight months of the year, translating into a monthly gain of almost £2,000 per month.
The average prime property has gained 3.5% in value, and currently has an asking price of £470,210. For comparison, the average asking price across all UK properties is currently £220,362, some 2.0% higher than at the start of the year.
‘As is usually the case, asking prices in the prime market have pulled further ahead of the general UK property market. Asking prices for prime properties have increased in every single UK region, and have increased faster than the general market in all but one,’ said Nigel Lewis, property analyst at PrimeLocation.com.
‘The difference between the general and Prime properties markets in the North East is particularly remarkable while asking prices in the region have increased by a healthy 2.9%, overall the prime market has rocketed ahead at 6.1% over the same period,’ he added.
