The property market in Glasgow and Edinburgh has shown the biggest price increase in the UK in 2017. Recently released data from the Office for National Statistics suggests that the average price of property in the UK increased by 5.2% in 2017, but local Glasgow property market has grown by 7.9%, top of the leaderboard across the UK.
What does that mean for local homeowners?
This can only be qualified as great news for homeowners across the board. Whether you are ready to trade up or downsize, the price of your property has most likely gone up in the last year and keen home buyers currently compete on existing stock, which creates the perfect competitive environment that will allow your property to achieve the best price.
So if you are thinking of trading up in 2018, we encourage you to get in touch with The Mortgage Hub team to find out how much you could potentially borrow to purchase your next home and what are the best mortgage options available for you.
Further Considerations for Homeowners Considering Selling in 2018
Record Numbers of First Time Buyers
At the same time, the number of first-time buyers coming to the property market has also increased. Figures from UK Finance show a 7.4% rise in first time buyers in 2016, equating to around 365,000 people entering the housing market. This is potentially the highest number of first-time buyers for 11 years. And with further Land and Building Transaction Tax relief announced to offer first-time buyers an economy of up to £600 for property values up to £175,000, it looks like the entry level of the property market will continue to grow in 2018.
Mortgages Stay Affordable
Another great sign for aspirational home buyers is the current mortgage affordability. So trading your home up looks like a good idea in 2018, as our mortgage approval rating is at 95% and market surveys from RICS (the Royal Institute of Chartered Surveyors) signal an expectation for the Scottish property market to continue to grow.
The Mortgage Hub is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right first time buyer mortgage, or are looking to re-mortgage due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.