Growth forecast in Glasgow

In Glasgow and surrounding areas, the market is performing well on the back of a year in which house prices rose by an average of 14.3%.

This is particularly the case in the traditional hot spots of Bearsden and Milngavie to the north of the city and in Pollockshields, Newton Mearns and Thorntonhall to the south. Outwith the city, Ayrshire continues to perform well as do properties in the Loch Lomond and Trossachs National Park to the north.

The average house price in Glasgow city centre was £137,073 which demonstrated a rise of 9.5% over the year to the end of 2006. Although this was an average price, a look at The Herald's property section on any Wednesday demonstrates the rise of the £1 million plus house in areas such as Thorntonhall where lingerie tycoon Michelle Mone is rumoured to be building a £2 million home.

South Ayrshire, where the average house is priced at £156,592 saw the most spectacular rise in prices last year with a 19.8% rise over the year, closely followed by North Ayrshire at just over 13% and East Ayrshire at 9.3%. Stirling prices also rose by 10.6% over 2006 with an average price of £166,357.

Regeneration along the Clyde waterfront, Scotland's single most significant urban renewal project, has seen around £5.6 billion of public and private investment, giving the economy and of course property prices a significant boost. The fifteen year plan for waterfront regeneration will continue to deliver benefits to the Glasgow economy as a whole and to residential property investment in the area. From Glasgow Green to Erskine, a huge number of developments are progressing, encompassing more than 700,000 sq metres of business, leisure, residential, retail and educational projects. New buildings are going up, people and businesses are moving in.

"Discounting any unexpected external events and as with Edinburgh we are expecting to see continued growth in prices in the first half of 2007 and we are forecasting single digit growth in house prices over the coming year," says Bryce McCall Smith, who runs Rettie & Co.'s Glasgow sales office. "We have had a very busy start to the year in Glasgow including the valuation of significant residential portfolios together with instructions to bring a range of quality properties both in the city and the countryside to market later in the Spring."

Rettie & Co.
5 Blythswood Square
Glasgow G2 $AD
t 0141 248 4160

THE FIFTEEN YEAR PLAN FOR WATERFRONT REGENERATION  WILL CONTINUE TO DELIVER BENEFITS TO THE GLASGOW ECONOMY AS A WHOLE AND TO RESIDENTIAL PROPERTY INVESTMENT IN THE AREA.

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Registered Office Deuchrie, Dunbar, East Lothian, EH42 1TG.

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