Thursday, April 8 2004

The West of Scotland is experiencing some of the most protracted and impressive rises in property prices, according to the latest figures from the Glasgow Solicitors Property Centre.

It found that in the first three months prices were up 6.4%, bringing the annual rate of growth to over 22% annually.

This figure has never been higher and has only been matched once in four years, in the third quarter of 2003.

The average price of a home in the area rose by more than £5,800 in the last three months alone, almost £2,000 a month, bringing the average price of a home on in the west of Scotland to £97,449 and in Glasgow to £108,659, the report found.

Commenting on the report, GSPC Chairman Michael Samuel said: ‘The market has proved to be exceptionally robust with prices rising as strongly as at any time in the last four years.

‘The figures today look remarkably similar to those we saw at this point last year and 2003 turned out to be an exceptional year,’ he continued.

‘Historically, prices tend to rise faster in the second quarter than they do at the start of the year and it seems likely that prices will continue to rise in the coming months. They may well exceed earlier predictions of growth in the region of 12%.’