NEW research has highlighted positive news about the long-term prospects of Glasgow’s housing market.
Savills’ Home Truths Research study on the Glasgow and west of Scotland property market revealed properties in Scotland’s largest city are selling faster than anywhere else in the UK.
Greater Glasgow’s housing market has seen ‘exceptional’ growth in activity since reopening in July, with a 44% increase in agreed sales, compared to the same period last year.
Cameron Ewer, Savills head of residential in Scotland, said, “The housing market in Glasgow is busier than we’ve ever seen it. Many people are looking to shake up how they live and are prioritising a new lifestyle over the cost of securing it. As a result, the right properties are attracting multiple offers and selling quickly. We tend to see an increase in new instructions at this time of year, but this year it’s off the charts. The number of people registering to buy with us in the last week of August was 100% higher than during the first 12 weeks of the year, and we’ve seen an 80% increase in the number of viewings. Off-market sales have also increased by around 50% – a good indication that buyers are committed and willing to pay at or close to the valuation.”
Faisal Choudhry, head of Savills residential research in Scotland, added, “The number of new buyers who registered with us between July and September to buy a property across greater Glasgow and the west of Scotland was 103% higher than the same period in 2020. Last year over 60% of our buyers were families, attracted by the area’s good schools and the exceptional quality of life on offer. However our latest data suggest that a renewed appreciation of space, the ability to work for home and access to outdoor space are perhaps becoming even more important drivers of demand.”
In Savills’ latest buyer survey, 55% of Scottish respondents said a village location had become more attractive due to the experience of lockdown. Demand has also remained strong in Glasgow city, where a lack of supply has driven a 6.8% rise in values in the year to the end of September.
According to Savills, Glasgow and surrounding areas have capacity for more value growth. Faisal added, “Prime values in leading university cities across the UK have exceeded the peak of 2007/08 by almost 25%, whereas in Glasgow they are only 1% higher, underscoring capacity for further growth and suggesting is a good property investment option.”