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Detached house prices in Edinburgh soar by almost £1,500 a week
Edinburgh’s detached homes have seen an extraordinary price rise, increasing by almost £1,500 a week over the past year.
According to DJ Alexander Ltd’s analysis of official figures, the average price is now £742,304, an increase of £75,490 from April 2023 to March 2024. This equates to an increase of £1,451.73 per week.
The capital was followed closely by Glasgow, where average detached house prices rose by £55,018, representing just over £1,000 a week; Midlothian, which increased by £47,301; and East Dunbartonshire, which increased by £30,828. Detached homes across Scotland as a whole rose from £317,529 to £343,994, which is £26,465 more and equates to just over £500 a week.
The latest figures from the official monthly House Price Index showed that average house prices in Scotland have risen by £9,741 in the last 12 months. This growth outpaces England and Wales, where average house prices have risen by a comparatively modest £2,959.
David Alexander, CEO of DJ Alexander Scotland, noted the desire to live close to city centers despite higher taxes and mortgage rates. Alexander added: “We can only imagine what the market would be like if there was a level playing field with the rest of the UK when it comes to personal and property taxes.”
He cautions, however, that this level of growth may not be sustainable in the long term and depends on continued economic strength and job availability.