Market update from our Glasgow and Argyll branches
We look at what is happening in the property market during June 2024 with an update from our branches in Shawlands, Cardonald and Dunoon.
As you can see from the above snapshot of our figures for the month to date (June 1 – June 28 2024), we agreed 35 new sales with 47 new properties coming to the market during the month. This represents a huge 47% increase in new properties coming to the market compared to May 2024.
However, buyer demand dropped by 18% from last month but was still healthy with 508 new buyers registering during June for our ‘Heads Up’ property alerts.
We also arranged 474 viewings for our clients and received 1,416 website enquiries for their properties. These figures are also both down substantially from May with viewings down 25% and enquiries similar at 24%.
Looking at the rental market, the issue of available rental properties, or lack of, continues to be the main issue. This is keeping market values at record levels for most properties. 237 new tenants registered with us during the month and we currently have 2 properties available.
Gregor Cope from the Shawlands branch commented “We’ve seen the number of sales and letting enquiries reduce in recent weeks. This was surprising within the first time buyers market especially, as we considered this market to be the strongest in recent months.
However, the forthcoming general election may have had the negative impact on the level of enquiries and viewers for clients properties, in addition to the natural reduction of enquiries at the start of the school holidays, where families focus is elsewhere.
Notwithstanding, we are still seeing regular closing dates with exceptional offers being received.”
Staying in Glasgow, Paul Burns from the Cardonald branch added “The market in the Cardonald and surrounding area has shown an increase of stock throughout the month of June, however buyer demand still outstrips available stock, with multiple viewings and closing dates in most cases.”
Over in Dunoon, Liz Dineley commented “The number of properties coming to the market in the Dunoon and Cowal area increased in June but in the majority of cases we still achieved over home report value sales. Demand is currently particularly high in our area for ground floor or detached properties.”
Here are some of our success stories during June
Shawlands, Glasgow branch
Cartside Street, Langside – 55 viewings and sold for a record price at a closing date
Morley Street, Battlefield – sold in just 7 days for more than 15% over home report
Deanston Drive, Shawlands – after the original sale unfortunately fell through, we remarketed and within 2 weeks secured a new buyer at a closing date
Cardonald, Glasgow branch
Fourth Gardens, Dumbreck - 32 viewings in 10 days
Hardridge Road, Hardridge - 29 viewings in a week
Drumoyne Circus, Drumoyne - 24 viewings in a week.
Dunoon, Argyll branch
Linnhe Mhor, Toward – 3 Bedroom Detached Rural Property – o/o £350,000 – offer accepted over the HR value
39 Cromwell Street, Dunoon – 2 Bedroom Ground Floor Flat – o/o £125,000 – offer accepted over the HR value
32 Auchamore Road, Dunoon – 2 Bedroom Ground Floor Flat – o/o £125,000 – offer accepted over the HR value
Zoopla House Price Index
We take a look at what is happening nationally with the latest Zoopla House Price Index released today (28th June). Here are the keys takeaways from the report:-
- UK house prices are unchanged over the past 12 months with annual UK house price inflation at 0.0%.
- Prices rising across all areas over last quarter.
- Demand (6%) and sales agreed (8%) both higher than last year.
- UK house prices on track to be 1.5% higher over 2024.
- The housing market continues to adjust to higher borrowing costs. The summer slowdown is now arriving, tempering activity. The timing of the first cut in the base rate is key and will give a boost to market sentiment and sales activity.
- In Scotland, the average house price has increased 1.3% over the past 12 months. Glasgow mirrors this figure of 1.3%, Edinburgh is 0.2% and Aberdeen is down by 1.3%.
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’
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