House prices have risen steadily in Glasgow this year, at a pace that works well for both sellers and buyers.
Edinburgh and Manchester may boast the fastest-rising prices in the UK, but what we’re seeing in Glasgow is nicely sustainable – the rises are not clocking up at a rate that stresses out buyers or eats away at affordability.
The latest prices from Registers of Scotland show the average property price in Glasgow City was £154,806 this summer, about 3% up on 12 months earlier.
The frontrunner of growth was detached houses – up 6.6% on 12 months earlier, with an average price of £265,113. The number of sales of detached houses was down, which explains the price rise – demand is outstripping supply, especially in popular locations with good schools and amenities.
In the West End, demand outstrips supply for all types of high-quality property in areas like Hyndland and Dowanhill. We’ve recently been handling the sale of a garden flat in the West End - well maintained with period features and good-sized rooms. It had 40 viewings within a few days, and the sale price was almost 20% more than the ‘offers over’ price and 16% above the Home Report Valuation.
With any type of property – whether you’re competing with dozens of other viewers for a grand flat in the West End, or just getting a foot in the market, you need good advice to grab the best of the opportunities.
If you’re a seller, good advice from a reputable selling agent such as Vanilla Square, will ensure that you:
- Set the right offer price and closing date. Successful tactics around this will usually get you a higher price
- Assess the offers. Spotting any warning signs that could slow the sale or cause purchasers to let you down
If you’re a purchaser, good advice from your solicitor will help you:
- Make decisions around offer tactics. This will raise your chances of a successful bid, especially if several would-be purchasers have noted interest
- Negotiate attractive conditions and timings
Spot any potential legal issues connected to the property, now or in future. You can read the full edition of the Glasgow Property Times here.