23 Feb 2018
Glasgow property prices continue to rise
The average selling price of homes across west central Scotland jumped by 6.1% during the last quarter of 2017, compared to the same period the previous year.
A lack of properties on the market is said to be pushing up what buyers are having to pay to do a deal.
The time taken to sell a home in west central Scotland is also falling significantly.
GSPC says in its latest house-report that the typical sale price in the area in the last quarter was now £130,768.
Rise in house prices
Over the course of 2017, average selling prices rose by 8.6% to £139,504 when compared with the 12 months before.
During the last six months of 2017, three-bedroom properties in North Lanarkshire recorded the greatest rise in average selling prices year-on-year – up 23.6% to £137,744.
Three-bedroom houses in Renfrewshire also proved popular, with an 18.1% increase to £183,163.
In Glasgow, the average selling price over the last quarter rose by 4.8% to £124,929 year-on-year.
In 2017 the average selling price in Glasgow jumped by 10% to £138,443 when compared with the previous 12 months.
Why are prices increasing?
GSPC says increases in selling prices can be attributed to a shortage of properties for sale.
Because of this, homes in popular areas are attracting a number of buyers.
Over the last three months of 2017, properties across west central Scotland sold for 6.3% above the asking price, up from 5.2% the previous year.
In Glasgow, properties marketed as offers over sold for 7.6% above the asking price – a jump of 6.6%.
The median time to sell in west central Scotland in the fourth quarter of 2017 was 15.3% faster than the last year, down from 36 days to 31 days.
In Glasgow, properties were being snapped up even quicker – down from 33 days to 25 days, which is 25.8% quicker year-on-year.
Austin Lafferty, of GSPC, said: “Over the course of 2017 we have seen increases in average selling prices throughout west central Scotland.
This is particularly pronounced in Glasgow, and with three-bedroom homes in areas popular with families such as Renfrewshire and North Lanarkshire.
"We are also finding that properties are selling faster than the same time last year.
In fact, in 2017, half of all properties sold within 28 days."
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