As with the Scottish housing market as a whole, the number of properties being sold has decreased in west central Scotland, partly as a result of a shortage of properties available for sale.
This shortage of properties has resulted in high demand for those available, and are selling faster than in previous years. The median time to sell across west central Scotland is now 14.9% faster than last year, down from 39 days to 33 days, while in Glasgow the median time to sell is 29 days, 12.1% faster.
Across west central Scotland, properties marketed as offers over sold for 4.9% above the asking price, up 2.1% from last year, while in Glasgow, properties sold for 7.0% above the asking price, which is around the same as last year.
The average selling price of properties sold across the region between July and December cooled down slightly with a decrease of 1.8%, compared with the same period last year. While there is a slight decrease in selling prices from 2015, prices have remained steady throughout 2016. In Glasgow, average selling prices decreased by 0.8%, with an overall 0.3% decrease for the full year of 2016.
The property types and areas showing the greatest increases in average selling prices compared with the same period last year were three bedroom houses in South Lanarkshire, with a selling price increase of 21.6%, and three bedroom houses in North Lanarkshire, showing an 11.8% increase in average selling prices.
In Glasgow, two bedroom flats are continuing to be popular, particularly in the East End, which has seen a 4.4% increase in selling prices, and the West End, which has seen a 2% increase. Both these areas are popular with students at the city’s universities. The southside, which has become a popular place for young professionals to buy, has seen a decrease of 4.1% in average selling prices.
Austin Lafferty, director of GSPC, said: “While selling prices are levelling out across west central Scotland and average selling prices are slightly down, the property market is still favourable to sellers who can sell in quicker times and are more likely to achieve over their asking price.
“We are finding that flats are still popular in Glasgow due to the student population, despite the supplementary tax on second homes introduced by the Scottish Government in April 2016.
“With average selling prices remaining steady, Brexit has not shown a negative impact on the property market in Scotland. I would like to encourage people that now could be a good time to sell your property, particular as the shortage of stock is creating demand among sellers.”
GSPC covers the areas of Glasgow, West Dunbartonshire, East Dunbartonshire, North Lanarkshire, South Lanarkshire, Inverclyde, Renfrewshire, East Renfrewshire, Ayrshire and Argyll and Bute.