Property values and sale prices across Scotland have been reassuringly positive throughout 2016, continuing to rise steadily, fuelled by the lower interest rates and the need for housing. Overall quality of life and value for money make Glasgow a very interesting property investment and contribute to the 8.9% growth in property value experienced by the local market in the last 12 months – according to Zoopla.
Mortgage activity across the country has returned to pre-Brexit levels – this is great news all round but particularly for those looking to sell. However, the number of mortgages is 10% lower than the same time last year, which isn’t particularly surprising given the recent gains in residential property values. What is surprising is the static remortgage figures following the Bank of England’s recent interest rate cut to a record low of 0.25%. Source: Zoopla
Glasgow property values and rental prices
In line with the rest of the UK, average property values in Glasgow have risen steadily between 2012-2016. We’ve seen an increase of 8.65% in property values over the past 12 months, with a 2.01% throughout the last 3 months to November.
Average asking price for houses – £99,629 (1 bedroom) to £469,526 (5 bedrooms)
Average asking price for flats – £75,513 (1 bedroom) to £265,000 (5 bedrooms)
Current average property value – £181,050
Average price paid for property in 2016 – £156,950
Average West End property value – £215k, with an average of £319k in Dowanhill
Average South Side property value – Queen’s Park (£129,000), Shawlands (£220,000)
Giffnock and Bothwell enjoyed highest sale values, with properties selling for up to £1,169,028
The rental market continues to remain strong with an average asking rent of £160/w (£695/m) for residential properties and £1,561/w for commercial properties. As is the norm, there is very little difference between average asking prices for houses and flats. For houses, the averages range from £477pm (1 bedroom) to £2,046pm (5 bedrooms). For flats, both tenements and new-builds, average rental prices range from £523pm (1 bedroom) to £2,026pm (5 bedrooms). Source: Zoopla
All in all, things are looking good and we are confident that the property market in Glasgow will remain strong throughout 2017. According to Steven Lucas, Sales Director at Vanilla Square ”The Scottish market does appear to have weathered 2016 rather well and we are finding keen Buyers looking for that dream home, especially now that more affordable mortgages are available”. This buyer confidence will no doubt encourage more home owners to put their properties up for sale in the coming months and provide much greater choice for those who are looking to buy.
Vanilla Square – highly personal sales and lettings!
Whether selling or letting property, you will always be liaising with one of our business partners, which makes our service that much more responsible and approachable. When you instruct us, your property will reach a wider audience as we are one of the few agents who are present on all the major property portals to offer sellers and landlords maximum exposure. If you’re looking to buy, sell, rent or lease your property, or you’re simply considering the idea, contact us by calling 0141 229 0210 or pop into our new office at 711 Great Western Road. One of our partners will be delighted to help and provide you with impartial, expert advice.