The west central Scotland property market is showing little impact from recent political changes, including the triggering of Article 50 and the prospect of a second Scottish referendum, according to the latest analysis from GSPC.
Average selling prices across west central Scotland and Glasgow have remained steady over the past six months, from October 2016 to March 2017, with a modest rise of 0.6% when compared with the same period the year before. The first three months of 2017 showed a 6.7% increase in average selling prices, indicating the market has picked up after the New Year.
Looking at Glasgow, the selling price of properties sold through GSPC between October and March increased by 4.3%, with a 12.1% increase in the first quarter of 2017. Properties are also selling faster, with the median time to sell across Glasgow in the first three months of 2017 almost 50% faster than the same time last year – down from 55 days to 29 days. Properties marketed as ‘offers over’ sold for 8.2% above the asking price, up from 7.4% last year. This indicates there is still a high demand for properties, and that the market is in favour of the seller, as has been the case over the last year.
For the past six months, the property types and areas showing the greatest increases in average selling prices were two bedroom flats in Glasgow East End, up 27.7%, three bedroom houses in South Lanarkshire up 21.1%, and three bedroom houses in North Lanarkshire, up 22.0%. The East End of Glasgow is proving popular amongst first time buyers, while three bedroom houses in areas outside of Glasgow are popular amongst those who are looking for a more affordable family home.
Austin Lafferty, director of GSPC, said: “There is continued confidence in the property market in west central Scotland, despite the uncertainty around Brexit and a possible Scottish referendum. Property prices are increasing in some popular areas including Glasgow’s East End and Lanarkshire, which can be attributed to a shortage of housing stock. This could be a good time for those planning to sell their property, particularly with more properties achieving over the asking price and selling faster.”
- The average selling price of properties across west central Scotland sold through GSPC between October and March 2017 increased by 0.6%, with a 6.7% increase in the first quarter of 2017.
- Across west central Scotland, in the first quarter of 2017, properties marketed as offers over sold for 4.1% above the asking price, down from 5.1% last year.
- The median time to sell of properties sold across west central Scotland through GSPC in the first quarter of 2017 was 10.9% faster than last year down from 59 days to 53 days.