The first RICS UK Residential Market Survey for the year is in, with January showing an expected slower start to the year before the traditionally busier housing market spell in the spring. There is optimism that the next twelve months will show a positive upturn for sales across the whole of the UK, though numbers of available housing stock still remain an issue. This is leading to steady price growth for property, including across central Scotland and in Glasgow in particular. Prime property sectors and more expensive tiers of the market are facing particular challenges, with sales accepted below asking prices for the most expensive properties.
Strong Demand Further Brings Property Prices Up
There is strong buyer demand in many parts of the country as housing stock is somewhat limited in many areas – particularly East Lothian, Edinburgh, Renfrewshire and Glasgow – especially in the West End of the city, which faces low stocks but high demand, while sellers are getting property ready for the spring market. The Perth market is reported as stable with growth potential this year, showing a strong start to 2018 particularly when it comes to selling good quality family homes. The Edinburgh market is stable overall but Glasgow, particularly in the West End will continue to see property price growth and competition amongst buyers, putting sellers in a particularly strong position.
An Overall Strong Letting Market
There is still evidence of investors entering the private rental sector, though also signs that some are being put off by increasing legislation changes and red tape. Some landlords are moving towards the short-term holiday rental sector which may see a decrease in available residential lets overall and result in an increase in rent prices. In Glasgow, again in the West End particularly, tenants may be locked into their rental properties due to lack of new property to buy, resulting in a rather flat market of late, though landlords may also benefit from the lack of property for sale in the area.
Whether you’re currently looking to buy, sell, let or rent out property, Clyde Property is a good place to start, being Scotland’s leading independent estate agency working across central Scotland. Pop in to a local branch or give us a call today.