Market update from our Glasgow and Argyll branches
October 2023 market update and highlights
Before we look at the most up to date stats and outlook from this month’s UK House Price Index, here is what our agents are seeing locally across Glasgow and Argyll from our branches in Dunoon, Cardonald and Shawlands.
Liz Dineley from our Argyll branch in Dunoon commented “October has been a busy month in the Dunoon, Argyll office we have noticed that the number of buyers has dropped slightly but we continue to achieve over home report value, resulting in lots of happy sellers and team members!
We continue to have a long list of active buyers searching for a semi or detached property, large or small, so if you are thinking of selling your property, now or in the future, give us a call for a chat or to arrange a free, no obligation valuation.”
A couple examples of homes sold and completed by the Argyll branch this month are -
Woodstock, Toward, Dunoon – a 3 bed detached house that was advertised at offers over £295,000
Bonnygrass, Shore Road, Innellan, Dunoon – a 2 bedroom semi detached home at offers over £98,000.
In Glasgow, Craig Smith from the Shawlands branch stated “The Glasgow market remains strong with values holding firm. However, it is a very different market to the past couple of years. To achieve the best possible price for you home, it’s crucial to start with a realistic valuation and asking price.
Properties priced too high from the outset, typically due to an estate agent over-valuing to either win the business or not understanding the current market, will generally end up having to reduce the price within a few weeks due to a lack of interest.
Within the postcodes G41 – G44, covering some prime Southside areas such as Shawlands, Langside, Battlefield, Newlands, Pollokshields, Mount Florida, Cathcart and Strathbungo, 43 properties have reduced the asking price since the start of September 2023. So, even being located in a Southside hotspot does not guarantee a quick sale if you do not get your marketing correct from day one.
Start with the right price and you stand the best chance of generating plenty of interest and offers over the home report value. Buyers are still very much active with demand continuing to outstrip supply, particularly as the mortgage market and interest rates stabilise.”
A few examples or recent sales from our branches in Glasgow:-
Mansionhouse Gardens, Langside - This 4 bedroom townhouse was on the market with another agent. We took over advertising on 22nd September and by 10th October we had generated enough interest to set a closing date, resulting in the delighted owners accepting an offer in excess of 10% over the home report value.
Kerrycroy Street, Toryglen – 2 bedroom ground floor flat was on the market for just 12 days. After 27 viewings it achieved well in excess of the home report value at a closing date.
Langstile Road, Penilee, - 2 bedroom end terraced home was sold at a closing date after just 16 days and 19 viewings.
With regards to the rental market in Glasgow, Gregor Cope commented “Rents continue to rise across Scotland at record levels and Glasgow has seen average advertised rents increase by 15.6% over the last year, according to the latest Citylets report. This has resulted in an average rent in the city now standing at £1,208.
Emergency legislation, Cost of Living (Tenant Protection) (Scotland) Act, continues to be in effect, having been recently extended to 31st March 2024. What will happen after this date has still to be confirmed.
As has been the case for some time, demand is outstripping supply to the extent that the majority of tenants are finding it almost impossible to secure a property. We recommend anyone looking for a rental property to register with us direct, otherwise it can be too late by the time the property is advertised on-line.”
The latest UK House Price Index by Zoopla indicates annual house prices across the UK have fallen by 0.5% over the past 12 months, the first annual fall since 2012.
However, Scotland bucks the UK trend as prices continued to increase slightly with an annual rise of 1.6%. In Glasgow the annual house price growth is currently at 0.7%.
The main takeaways from the report are: -
- UK house prices have fallen for the first time since 2012 with prices down -0.5% over the last 12 months
- House price growth ranges from +1.6% in Scotland to -1.5% in the South East and East of England
- Demand from buyers is higher this month as consumer confidence and market sentiment improve
- Buyers are waiting for price falls or lower mortgage rates to avoid compromising on their move
- Mortgage rates are expected to fall slowly in the coming months - once they get below 4.5%, we’ll see more buyers return to the housing market
- Asking price discounts are at 4.2% on average, the highest level since 2019
- UK house prices on track to have fallen 2% to 3% over the course of 2023
As always, if you have any questions relating to the property market please feel free to get in touch with your local Scottish Property Centre branch. Interested in a valuation of your home? Click below to get started.
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