Market update from our Glasgow and Argyll branches – October 2024
We look at what is happening in the property market locally and nationally with updates from our branches in Shawlands, Cardonald and Dunoon.
As you can see from the above snapshot of our figures for last month (September 2024) we agreed 27 new sales with 42 new client instructions.
Buyer activity was up across all factors from the previous month with 567 (446 August 2024 ) new buyers registering for our ‘Heads Up’ property alerts and 1,814 (1,607 August 2024) website enquiries for our owners properties resulted in 553 (504 August 2024) viewings being arranged.
In contrast, tenant demand was down with 310 new tenants registered with us during the month, down from 385 in August.
Chris Tolland from our Cardonald, Glasgow branch commented “October has seen another busy month in the Cardonald branch, with 14 sales achieved so far. Typically, we have found properties being sold in under a week; whether by going to closing dates or our clients receiving offers too good to refuse. We’re anticipating a strong finish to the year before the lead up to Christmas.”
Below are a few notable sales by the Cardonald branch this month –
Bellahouston Drive, Offers Over - £240000 – a beautifully extended semi-detached villa, in truly walk-in condition. A cash offer was accepted by our client after one day of viewing!
Cunningham Drive, Giffnock, Offers Over - £175000 – a 2-bedroom end terraced villa, in one of the most popular postcodes in Glasgow. After 30 viewings and 11 offers, our client was delighted with the outcome at a closing date.
1/2 1254 Paisley Road West, Offers Over - £125000 – a beautiful 2-bedroom tenement flat, overlooking Bellahouston Park. Snapped up by a first-time buyer after a week of marketing.
We also had a welcome addition to the area with a fantastic mural to the side of the office, what a talent! Despite rumours to the contrary, we can confirm this is not in recognition of our office director, Paul Burns!
Staying in Glasgow, Craig Smith from the Shawlands branch commented “The past couple of months have been steady for the sales market around Shawlands. However, there has been a noticeable drop in the amount of new properties coming to the market during October, with 190 new listings in the G41, G42, G43 and G44 post codes this month. This is in comparison to 254 for the same post codes in September.
This drop off in new listings in October is a bit unexpected, particularly when we continue to see buyer activity increase. Combine this with the rush to secure a property before Christmas, properties that do come to the market are selling quickly and for well in excess of the home report value.
October has seen the first signs of the rental market demand dropping for some time. It is likely just seasonal and down to the time of the year but it is important to have your rental property priced realistically, as an upturn in demand is unlikely now until the new year.”
Some rent success stories at the Shawlands branch have included:-
62 Cartside Street, Langside – Offers Over £125,000 – The owner was absolutely delighted as we broke the sale record in the street, the 3rd time we’ve broken the record in the past year!
166 Bell Street, Merchant City – Offers Over £119,000 – After managing this property for the owner for a number of years, we secured a sale of almost £30,000 over the home report value at a closing date.
17 Kirkwell Road, Old Cathcart – Offers Over £345,000 – Old Cathcart is an area we’ve always loved! This 3 bedroom terraced home sold in just 9 days, for well in excess of the home report value, and allowed the owners to progress with their own purchase.
Zoopla House Price Index
We take a look at what is happening nationally with the latest Zoopla House Price Index for October 2024. Here are the keys takeaways and headlines from the report:-
• UK house price inflation increases to +1%, up from -0.9% a year ago
• Sales activity running at the highest level since the 2020 boom
• Pipeline of sales agreed is 30% higher than a year ago, at £113bn
• High supply of homes for sale and affordability pressures keeping house price inflation in check
• First time buyers are the largest buyer group in 2024 (36% of sales)
• The dynamics of renting and buying have shifted, supporting purchases by first time buyers
• In Scotland, house price inflation is performing better than the UK average at +2.4%. Glasgow mirrors the national average at 2.4%, whilst Edinburgh is +0.9% and Aberdeen is the worst performance region in the UK at -1.2%.
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 an instant on-line valuation, you can get started here.
