In the three months since the EU Referendum, the property market in west central Scotland has remained stable despite the uncertainty, according to the latest house price report from GSPC which analyses property market data over the last three months.
The average selling price of properties sold across west central Scotland through GSPC between July and September 2016 has risen by 2.0% compared with the same three-month period last year, while average selling prices in Glasgow have risen by 1.2%.
However there have been fluctuations across GSPC’s areas of coverage, which incorporates City of Glasgow, West Dunbartonshire, East Dunbartonshire, North Lanarkshire, South Lanarkshire, Inverclyde, Renfrewshire, East Renfrewshire, Ayrshire and Argyll and Bute.
Average selling prices for three bedroom houses in South Lanarkshire have increased by 33.8%, and in East Dunbartonshire by 18.4%, compared with the same three-month period last year. This highlights that areas that are popular with families often see greater increases in average selling prices.
Inverclyde has seen a 24.5% increase in selling prices for two bedroom flats. This could be linked to the redevelopment of the area including the Port Glasgow Redevelopment Park, as well as the appeal of sea views and a quieter pace of life in Gourock. In addition, two-bedroom flats in Glasgow’s popular West End have seen an 8.8% increase in average selling prices.
While the median selling time in Edinburgh and east central Scotland is 35% faster year-on-year, down to 24 days, time to sell in west central Scotland is about the same as last year, at 35 days, indicating that there is less pressure on the market with many buyers competing for the same properties, as is the case in Edinburgh. Despite this, Glasgow properties marketed as ‘offers over’ sold for 8.4% above the asking price, up 12.7% from last year.
Austin Lafferty, director of GSPC, said: “There has been no downward pressure on average selling prices in the full quarter following the outcome of the Brexit referendum.
“We have heard from our solicitor estate agents that the most cited barrier is the availability of homes to move to, and there continues to be a shortage of homes for buyers. This is evident with properties in west central Scotland selling for an average of 5.2% over the asking price, and for Glasgow 8.4% over the asking price. We have also seen notable rises in selling prices in particular areas, indicating that we are in a seller’s market.”
“However, when looking back at the average selling price of three-bedroom houses in South Lanarkshire over a six month period, the increase is softened from 33.8% to 14.9%, indicating selling prices have been driven up by exceptional properties within top-end areas.”