New statistics have shown that the volume of residential property sales in Scotland has increased by 18.2% during the first quarter of 2016. This increase was associated with the 19,802 sales that were made across the country. This is the highest number of sales in any quarter since 2007 in Scotland. With increased house prices and shortened selling times, Vanilla Square recognises that 2016 is prime time for real estate and that the property market is almost back to booming. Glasgow has seen an upward trajectory trend in terms of property prices meaning that Scotland’s largest city is becoming a highly profitable location for property investment.
- There is a general better affordability in Glasgow. London has always been seen as the go-to location in the UK for property investment. However, the country’s capital has experienced rocketing prices which are eating away at overall returns. In comparison, property in Scotland is a lot cheaper and even more so in Glasgow. This offers a stronger rental market with stronger returns on investment.
- Buyer demand is fast outpacing supply. For instance, areas such as the desirable West End saw a 40% uplift in transactions over the same period one year previous.
- Glasgow property prices are among the top three fastest accelerating in the UK. An improving city economy and greater accessibility to mortgage finance has significantly increased the level of confidence among property buyers and sellers in the region since the start of 2014, and this looks set only to continue further.