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The Murray Property Holdings team gives you a brief insight ‘and some fun facts’ for the property market roundup for April.
The Scottish Government released new figures in April from their housing market review, showing the level of rental increases across the country.
The highest rent increase was for one-bedroom shared properties, with the average rental cost increasing to £490 per month (15.1% on average), but on the other end of the spectrum, one-bedroom ‘non-shared’ flat witnessed the smallest increase to £648 (11.7%).
Rent increases in Dumfries had an average increase of 1.5%, rent increases in Greater Glasgow increased on average by 22.3%.
Findings by RightMove, released this month have found the most expensive street in Scotland to be…….
‘Simpson Loan’ which looks on to ‘The Meadows’ in Edinburgh. The average asking price in this street is £534,167.
Glasgow managed to take the second highest street, with ‘Clarkston Road’ near Muirend in Glasgow commanding an average asking price of £308,125
Findings by RightMove, released this month have found the most expensive street in Scotland to be…….
‘Simpson Loan’ which looks on to ‘The Meadows’ in Edinburgh. The average asking price in this street is £534,167.
Glasgow managed to take the second highest street, with ‘Clarkston Road’ near Muirend in Glasgow commanding an average asking price of £308,125
A new survey by RightMove has provided statistics that suggest Aberdeen has been listed as the least expensive ‘City’ in the UK to purchase a property.
The recent asking price of a two bedroom property is £102,601. If you placed a 20% deposit down on this property, you are looking at around £400 per month in mortgage payments.
From the survey, there were a total of ten cheapest places listed, with Scotland claiming ‘2 spots’ – Aberdeen (position no.1) and Dundee managed to claim the 7th spot with an average asking price of £116,191.
At the other end of the scale, for the 10 most expensive cities in the UK, Scotland only claimed one spot, Edinburgh came in at no.9 with the average property price of £239,028.
We could see it coming…..but unfortunately, the average interest rate for a 2 year fixed at 95% loan to value (LTV) is now above the 6% mark again. It has not been this high since November 2023. The average 5 year fixed rate is now sitting at 4.89% again, with an average 2 year fixed rate back up at 5.29%.
Leed Building Society, HSBC, Barclays, Accord and NatWest have all announced rate increases this week, and it is expected that other lenders will follow soon.
Lloyds bank has just issued a report to advise that profits have plunged by 28%, but the good news is they suspect that this will encourage the Bank of England to cut the base rate a further 3 times before the end of the year. Lloyds have also changed their predictions for a house price fall of 2.2%, stating they now think the average property will actually increase by 1.5%.
What is clear from April, is that the property market is looking more resilient than expected.
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Email: info@murraypropertyholdings.co.uk
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