John F Kennedy said: “There is nothing more certain and unchanging than uncertainty and change.”
As we approach the end of a year that has seen dramatic fluctuations and economic highs and lows, this quote feels incredibly close to home.
Despite the economic crisis and rising cost of living, the latest House Price Index shows the average house price in Scotland has risen 9.7% over this year.
The latest report shows the average house price in Scotland was at a record level of £195,000 in August 2022. In Glasgow City itself, this was £187,806.
The consistent increase in house prices across 2022 which defies what we are seeing in other areas of the economy, could be down to the continued demand outweighing supply, and the fact that property is not directly affected by factors driving fluctuations in other areas, like rising energy costs.
Despite the economic crisis and rising cost of living, the latest House Price Index shows the average house price in Scotland has risen 9.7% over this year
This increase is a reduction compared to the 11% rise in the year to July, and down from the 15.1% published the previous year.
So, it is not the case that the property market has been unaffected by the current financial challenges, it is just that so far, we are seeing it absorb them with less of an impact than other sectors.
What about the coming months?
Like everyone in our industry just now, we really wish we could predict the future, however we can’t be certain of what it holds.
Nevertheless, having watched closely how our market in Glasgow has remained robust throughout the challenges it has faced so far – we are positive that demand will continue to outweigh supply, keeping house prices steady even if outside economic factors start to close in and make a bit of slight impact on the sale prices.