This month The Herald reported that house prices are reaching levels above pre-financial crash figures in Glasgow’s West End, as demand for property outstrips supply. Surveyors recognise that house prices in the area are as high as they have been for a decade following a surge in sales at the end of 2017.
Glasgow’s West End remains a very aspirational area to live in, offering a coveted lifestyle, with many surveyors agreeing that prices have risen over the past three months in particular and anticipating further property prices growth. The lack of new developments and a historic low in available stock drive the local market upwards.
There was a flurry in activity towards the end of last year, following low-interest rates on mortgages, allowing renters onto the property ladder for the first time. There now seems to be a lack of available rented property overall too, with so-called ‘accidental landlords’, previously unable to sell and so opting to rent out property, now enjoying the strong sales position and releasing property to new owners.
The climate is a seller’s market, with competition among buyers making it more difficult to purchase property in the area and sending prices rocketing. Clyde Property West End had a fantastic day for their sellers on 30th of January: what is traditionally considered a quiet period of the year turned into a huge success, with 5 closed sales on the day, achieving a cumulative total of £215,000 above Home Report values, on behalf of 5 very happy clients.
This is echoed across the country, albeit less dramatically, with a lack of property for sale beginning to nudge prices slightly upwards. Changes to Land and Buildings Transaction Tax are having an ongoing impact too, particularly on the middle to prime property markets, but surveyors remain positive in the whole that Scotland’s housing market is buoyant.
With this climate in mind, it’s therefore vital to seek out a reliable estate agent who can help you navigate a trickier housing market – particularly if you are looking thinking of making a move in Glasgow’s West End. At Clyde Property we have years of experience in this local market and have a list of active, vetted buyers (and tenants) currently looking for the right property to come along on the market.
We saw ourselves how 2017 was an amazing year of growth for the market across all our branches with most sales achieving over Home Report valuation. The market looks set to continue to thrive in 2018 and we’d be delighted to help both buyers and sellers achieve their property aspirations this year – please don’t hesitate to get in touch today!