Scottish cities could see an influx of prospective property buyers seeking to escape further price hikes according to property company Rightmove.
Rightmove reports that sellers asking prices in England and Wales have ended the year nearly £20,000 higher than when 2015 started and predicts that in a year’s time average asking prices will be another £17,000 higher, as the “stark imbalance” between housing supply and demand continues to push property values to record highs.
Rightmove’s figures show UK sellers are now demanding £289,452 on average. This is £19,975 higher than the typical asking price in December 2014 of £269,477.
The increase predicted by Rightmove would push the UK average property price well over the £300,000 mark by the end of 2016. Rightmove said young professionals may give up on London and instead head for vibrant cities such as Manchester, Leeds and Edinburgh.