The average selling price of two bedroom flats in Glasgow’s East End have increased by 19.4% over the last three months, indicating that the area may be the latest first time buyer hot spot, according to GSPC.
The East End area of Denistoun is particularly very popular for first time buyers, with a young population who are serviced by new bars and eateries opening up. With fewer properties being brought to market in the area, flats are typically selling faster and for over the home report valuation.
This 19.4% increase is in contrast to a more modest 3.2% increase in average selling prices in Glasgow, and a 2.7% decrease in the average selling price of properties in the Southside. However the median selling time of properties in Glasgow is down to 22 days. This is 21.2% faster than the same time last year, and flats and houses in the Southside are still continuing to sell quickly.
Overall across west central Scotland, the average selling price of properties sold through GSPC between July and September 2017 increased by 5.9% and the median selling time of properties was 11.7% faster than the same time last year, down from 33 days to 29 days.
Outside of Glasgow, three bedroom homes in North Lanarkshire are showing the highest increase in average selling prices, up 27.3% to £146,451, while three bedroom homes in Renfrewshire increased by 18.5% to £193,179.
Solicitors in the area are reporting that selling prices for two and three bedroom homes in East Renfrewshire are continuing to rise at a rapid rate due to the good school catchment area. Properties in this area are particularly going to a closing date and obtaining up to 10% above home report value.
Austin Lafferty, director of GSPC, said: “Properties in Glasgow and west central Scotland are continuing to be in high demand, with market conditions remaining consistent with the overall trend of fewer properties being available for sale, and as a result faster selling times for particularly desirable areas.
“The East End is proving to be the new property hot spot for first time buyers, while good family homes in East Renfrewshire and North Lanarkshire are also selling well, partly due to a short supply of these entire homes. However due to this sellers’ market, now could be a good time for bringing your home to market.”