31 Jul 2017

New figures reveal Glasgow property market 'continues to strengthen'

New figures reveal Glasgow property market 'continues to strengthen'

The property market in Glasgow continues to strengthen. The latest house price report from GSPC reveals that the average selling price of homes in the city increased by 10.7% in the second quarter of this year, compared to the same period in 2016.

The average selling price for a property in the city is now £140,584.

Homes in Glasgow are also changing hands quicker – the median time to sell is now 19 days, 9.5% down from the same time last year.

Meanwhile properties marketed as ‘offers over’ are selling for 9.7% above the asking price – up from 8.7% last year.

East and West

Homes proving to be the most popular in Glasgow are two-bedroom flats in the East End and West End.

The average selling price for properties across west central Scotland is now £135,898, compared with £131,392 during the second quarter of last year. Homes are selling 17% faster than the same period last year, with the median time to sell down from 30 days to 25 days. Those properties marketed as ‘offers over’ are selling for 5.9% above the asking price.

Outside of Glasgow, three-bedroom homes in North Lanarkshire are showing the greatest increase in selling prices – up 21.4% over the second quarter of 2016 to £143,905.

Austin Lafferty, of GSPC, said: “Glasgow is continuing to show increases in average selling prices and with a faster time to sell. Areas like the West End and East End of the city are proving popular for those looking to buy flats, not just to cater to the student population but for young professionals.

“However, these increases in prices across the region can also be attributed to a shortage in properties being brought to market that we have been seeing over the past year, not just in our region, but across Scotland.

This lack of housing stock results in a ‘seller’s market’, where homes are selling for increasingly over their home report valuation. The market does indicate that now would be a great time to sell.”

Glasgow market experts

If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.

Following our merger with A&S Ireland, we now have four offices across Glasgow - including the West End, the City Centre and Glasgow Southside.

We are also an independent broker of buy-to-let mortgages and can offer home loans without any hidden fees.

If you would like to speak to a member of our team, call 0333 0066 333 or click here

* Your home may be repossessed if you do not keep up repayments on your mortgage.

 

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