House Prices Up 16% in Dundee!
Dundee is the ninth-most expensive place to stay in Scotland, going on price per square metre, new figures show. House prices in the city have risen by more than 16% in five years, according to research by the Bank Of Scotland. The rise is higher than the average in Scotland, where house prices per square metre have risen by 12% since 2012.
The figures relate to the 12 months up to May this year, and are based on price per square metre. The 16% increase in property price in Dundee is the 10th-highest rise of anywhere in Scotland, based on size.
However, the City of Discovery still ranks behind neighbouring city Perth, in terms of price per square metre, with Perth ranked eighth. Perth also saw a 16% increase in property prices since 2012.
The average house price in Dundee is now £155,492. However, Dundee’s average property cost of £1,437 per square metre is still lower than the national average price of £ 1,529. In Perth, the average house costs £190,135, and £1,610 per square metre.
Graham Blair, mortgages director, for Bank of Scotland, said: “House price per square metre can be a useful measure for house price comparison as it helps to adjust for differences in the size and type of properties between locations.”
Edinburgh is Scotland’s most expensive city at £2,492 per square metre, with prices tripling in five years.The capital is the only place in Scotland to have an average house price per square metre higher than the British average of £2,260. Dunfermline has seen the highest price growth on a per-square-metre basis from £1,185 per metre square in 2012 to £1,416 in 2017 — a 20% rise. As such, it is vitally important that you take sufficient measures to keep your investment property safe-for you and your tenants!
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According to the latest data and analysis, house prices in the three months to August were 2.6% higher than in the same three months a year earlier.
House prices rose by 1.1% between July and August, following a 0.7% increase in July.
The latest data and analysis has revealed that UK house prices rose 1.1% month-on-month in June, reversing the previous three months’ falls.
Annual house price growth has risen to 3.1% and the gap in house price growth between the strongest and weakest performing regions in Q2 is now the smallest on record.
(Source: Property Reporter – June 2017)
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