Market update from our Glasgow and Argyll branches – March 2025
We look at what is happening in the property market locally and nationally with updates from our branches in Shawlands, Cardonald and Dunoon.
February 2025
Before we look at this month, we can look back on the stats for February. As you can see from the above snapshot of our figures, we agreed 23 new sales and 25 new client’s properties to the market.
This represents a slight drop from last month, though most of this drop was due to a very quiet opening fortnight in February after an extremely busy January. The second half of February was certainly a lot busier. In total, we visited 71 homes to carry out market appraisals and valuations for homeowners. A lot of these owners are now in the final stages of getting their home prepared for listing.
Buyer activity dropped during the month with 387 new buyers (485 Jan 25) registering for our ‘Heads Up’ Property Alerts and 451 viewings (494 Jan 25) being arranged. This drop in buyer activity is even more significant when compared to the same period last year – Feb 2024, when we arranged 644 viewings and 702 new buyers registered.
Tenant demand spiked after a quieter January and 433 new tenants registered with us during February. This is up from 295 in January and back in line with year on year figures (Feb 24 – 489).
March 2025
Craig Smith from the Shawlands branch in Glasgow reported “After a slow start to February, March has continued as February ended with the sales market in the southside as buoyant as ever. Spring always sees an upturn in the number of properties coming to the market but it is still very much a seller’s market, with the overwhelming majority of properties selling for well in excess of the home report value.
The turnaround is not getting any slower either and buyers really have to react as soon as a new property hits the market. Typically, properties are under offer within 2 weeks in the current market. As a buyer, it is crucial to have everything lined up as much as possible, mortgage agreement, proof of funds, solicitor and be ready to offer or you risk losing out on your dream home.
The rental market is still very competitive with our viewing and registration numbers spiking again. However, values have peaked over the past 6 months or so and we continue to stress it is important to be marketed at the correct level.”
Rightmove House Price Index
We take a look at what is happening nationally with the Rightmove House Price Index for March 2025. Here are the keys takeaways and headlines from the report:-
- The average price of property coming to market for sale rises by 1.1% (+£3,876) this month to £371,870, in line with the long-term March average increase, as many new sellers price sensibly amid decade-high competition to sell.
- Massive log-jam of 575,000 moves in the legal completion process, with many trying to beat March’s stamp duty deadline (England only).
- Despite ongoing global uncertainty, the property market remains resilient, with positive signs of growth heading into Spring:
- The number of sales being agreed is 9% higher than at this time in 2024, a positive sign for the market post-stamp-duty increase, and the number of new sellers is now 8% ahead of this time last year
- Mortgage rates remain only fractionally lower than at this time last year as buyer affordability remains stretched, and Rightmove welcomes proposals by the regulator to look at ways responsible lending can be simplified:
- The average five-year fixed mortgage rate is now 4.74%, down from the peak of 6.11% in July 2023, but only marginally lower than the 4.84% at this time last year
- In Scotland, average new seller asking prices increased by 3.8% this month to £197,643. Year on year asking prices are currently 4.0% higher than March 2024. Average time to find a buyer is 42 days.
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 2025? Get ahead and register for our ‘Heads Up Property Alerts’.
Scottish Property Centre have branches in Dunoon, Cardonald and Shawlands covering the Argyll and Glasgow property markets. We have local experts serving local people.
