Average house is worth nearly £150,000 in city

THE average price of a house in Glasgow is nearly £150,000 and analysts say the city property market is improving.

Glasgow recorded its highest average price for the second month in succession – for the first time since the 2007 property boom.

According to the latest Your Move/Acadata report, the average house price in Glasgow rose to £147,974 which is £9000 more than the same time last year.

Christine Campbell, Your Move managing director in Scotland, said: “Glasgow setting a new peak for the second consecutive month suggests a Scottish market that’s proving remarkably resilient.

“While tax changes have seen a slowdown in transactions of highpriced property in Scotland, the market overall is demonstrating broadbased growth. So far this growth seems to be holding steady in an uncertain future post-Brexit.”

The average house price in Scot- land reached £169,834 in August, and is now £4,000 above its level at the same time last year.

Earlier this week, it was revealed the purchase of a large detached residence in Bearsden for £2.42 million had set a new record for a house sale in the Glasgow area.

Alan Fleming, partner at Shepherd Chartered Surveyors, said: “The overall housing market in Bearsden and Milngavie is very strong, with some fantastic sales being achieved. This can be attributed largely to the location, proximity to good schools and the quality of local amenities.”

A total of 21 out of 32 local authority areas saw prices grow, led by Inverclyde where values were up by 5.7 per cent.

It was followed by Clackmannanshire (5 per cent) and South Ayrshire and North Ayrshire (both 4.4 per cent). East Renfrewshire has also seen significant annual growth, with the average price increasing by almost nine per cent to £241,472.

A separate report by property analysts Hometrack shows there are signs that buyers in major UK cities continue to feel confident in the market, despite the Brexit vote.

According to Hometrack, both Glasgow and Edinburgh experienced growth in house prices during the three months to September.

But growth in London has slowed to its weakest levels in nearly two years.

Richard Donnell, insight director at Hometrack, said: “In the immediate aftermath of the vote to leave the EU there was little obvious impact on the housing market and the rate of growth.

“Three months on, it is becoming clear households in large regional cities outside southern England feel confident in buying homes and taking advantage of low mortgage rates.”