- Selling times continue to fall with houses spending an average of 14 days less time on the market
- Average house price in west of Scotland is £126,400
- Successful property bids averaged 2.5% over the asking price
GSPC has released its quarterly report for Q3 2015 with statistics showing that despite no substantial change in house values over the past year, selling times have fallen significantly.
Accounting for the mix of properties on the market, annual house price inflation in Glasgow and the surrounding areas is sitting just below zero at around -0.4%, which suggests that prices are very slightly lower than this time last year.
While prices have essentially flat-lined, selling times have decreased markedly. The average time on the market in the west of Scotland has fallen over the past year, from 91 days in 2014 quarter 3 to 77 days in 2015 quarter 3, a fall of around 15.4%. For dwellings in Glasgow, the average selling time is even lower at 66 days. This compares with 91 days a year ago, representing a fall of 27.5% over the twelve months to September 2015.
The variation between asking prices and selling prices in the west of Scotland also remained stable with successful property bids averaging 2.5% over the asking price.
Austin Lafferty, director of the GSPC, said: “It would seem there has not been much change between Q2 and Q3 2015, which increases confidence in the ongoing stability of the property market in the west.
“It is heartening also to note the sharp decrease in selling times for properties, particularly in the Glasgow area, over the past twelve months.”
Professor Gwilym Pryce from Sheffield University, who analysed the GSPC’s sales data, said: “Overall, the housing market has remained relatively stable over the past year. While there are certainly no signs from the GSPC data of the kind of over-heating reported in the in London and the South East, the fact that houses are selling more quickly means that for households in Glasgow wanting to move, it remains a good time to sell.”