House prices in Glasgow and Edinburgh set to rise by 20 per cent in coming five years

House prices in Glasgow and Edinburgh will rise by almost 20 per cent in the coming five years, according to a new report.

Estate agents Rettie found that the two property markets are booming, with prices increasing by six to nine per cent last year.

Dr John Boyle, the estate agent’s director of research & strategy, said he did not think that would change in the next five years.

Rettie found that excess demand fuelled average growth of four per cent in 2017.

Dr Boyle said: “The housing market in Scotland had a reasonably strong 2017 and the start of 2018 looks like a continuation of this trend. House prices are basically rising because there is much more demand than there is supply.

“This is particularly evident in Edinburgh and Glasgow, where average house prices rose by 6%-8% over the last year alone.

“Our current forecasts suggest house price growth in Scotland of around 19 per cent over the next five years.”