Market update from our Glasgow and Argyll branches
We look at what is happening in the property market during April 2024
As you can see from the above snapshot of our figures for the month to date (Apr 1 – Apr 28 2024), we agreed 36 new sales with 40 new properties coming to the market during the month. Buyer demand continues to be high with 461 new buyers registering during April for our ‘Heads Up’ property alerts.
We also arranged 510 viewings for our clients and received 1,789 website enquiries for their properties.
Tenant demand continues to be extremely high with an additional 429 new tenants registering with us during April.
Craig Smith from the Shawlands branch commented “The number, or lack of, available properties available for sale continues to keep values increasing across Glasgow. With buyer demand remaining high, properties priced correctly are selling for well in excess of home report value with multiple offers.
I stated last month that there were early signs that we would see an increase in stock levels as the number of valuations we carried out for owners soared during March. With the Spring weather finally arriving, this pattern has continued during April. Our pipeline of new properties due to come to the market over the next few weeks is getting longer. My advice, if you are thinking of selling, is to get organized and speak to an estate agent as soon as possible to take advantage of the current market conditions.”
Here are some of the properties we sold during April:-
Shawlands, Glasgow branch
Parklee Drive, Carmunnock – Detached bungalow sold at a closing date
Clarkston Road, Netherlee – Sandstone villa sold at a closing date for over £½ million
Holmlea Road, Cathcart – 1 bedroom tenement sold at a closing date for more than 15% over home report value
Kinmount Avenue, Kings Park – Terraced home sold in just 9 days
Cardonald, Glasgow branch
Glen Kyle Drive, Darnley – Semi detached home sold at closing date for in excess of 10% over home report value
Bellahouston Drive, Mosspark – Terraced villa sold at closing date
Hardridge Road, Hardridge – End terraces villa sold at closing date
Reston Drive, Hillington – Upper cottage flat sold in 7 days
Dunoon, Argyll branch
Lochside View, Toward – Detached cottage
Westfield, Strone – Semi detached home
Victoria Road, Dunoon – Semi detached home
Newton Road, Innellan – Lower villa conversion
Rightmove House Price Index
The latest Rightmove House Price Index indicates that the Spring activity boost pushed asking prices close to new record. Here are the keys takeaways from the report:-
• The average asking price of property coming to the market rises by 1.1% (+£4,207) this month to £372,324, just £570 short of the record in May 2023, while the annual rate of price growth is now +1.7%, the highest level for 12 months.
• However, the market remains price-sensitive, and operating at different speeds, with prices and activity rising more slowly in the more mortgage dependent first-time buyer and second-stepper sectors
• The number of new sellers coming to the market is up by 12% compared to this time a year ago, and the number of sales being agreed is up by 13% as both seller and buyer activity rebound from last year’s much more subdued Spring
• There appears to be a window of opportunity for those considering a move to act, with a busy summer of sporting events, followed by a likely General Election, creating more home-mover distractions than usual.
• In Scotland, the average asking price is now £195,497 which is a 2.9% increase from last month and 3.8% increase year on year.
As always, if you have any questions relating to the property market or would like to discuss the current valuation of your home, please feel free to get in touch with your local Scottish Property Centre branch.
Looking to move in 2024? Register for our ‘Heads Up Property Alerts’.
Do you know we offer 3 types of valuation? This includes and instant on-line valuation, you can get started here.
