When it comes to property, it can be difficult to decode those headlines and understand exactly what’s going on. We pride ourselves on bringing you the latest updates from the market, so you can make an informed choice.
Prices are still on the up
In a recent market update, we reported that prices in the West End were due to increase by almost 19% over the next five years. This was a much larger increase than could be seen in Scotland – 14% – or across the UK at large – 17%. It looks like this prediction has real weight.
Recently, Glasgow’s G12 postcode was revealed to be the smartest area to buy if you want your property to increase in value. There’s a total property value of £90.75 billion across in the area, a 7.18% annual increase on last year.
A slow market?
Last October, we noted the imbalance of supply and demand in the market. This trend shows no signs of changing, particularly in the West End.
Professionals have noted a historic low of available properties. This is due to a decline in properties coming onto the market, particularly new builds.
The impact of Brexit?
Last year, we questioned whether the unknowns of Brexit may encourage homeowners to rent their properties for fear of a decrease in house prices. Renters could enjoy a wide choice of properties by capitalising on this uncertainty.
However, in actuality, this hasn’t proved to be the case.
The rental market is slowing down. One factor is that there are less ‘accidental landlords’ – those who had to relocate suddenly for work.
But when it comes to the property market things can change at the drop of a hat, so who knows if we’ll see a change in the future.
However, in comparison to elsewhere in the UK, Glasgow as a whole is enjoying a buoyant market. The ongoing gentrification of the East End has meant many agents have reported healthy growth here, and the Southside too. Now is a great time to sell in Glasgow but those looking to buy or rent in the West might be disappointed by the lack of properties. Why not consider a different postcode instead?
There are plenty of factors that can affect the property market in Glasgow – from Brexit, the job market or simply the time of year. No matter what, we are dedicated to bringing you the latest updates in plain English, so you can make sense of the new stories and what they mean for you.