NEW research has revealed that Glasgow’s property market remains ‘robust and thriving’ despite the surge in interest rates.
Estate agent Corum is reporting a 10% increase in viewings during the first half of this year. The company conducted more than 16,000 viewings in the first half of 2023, up from around 14,000 during the same period in 2022.
Corum listed £636 million in property last year, selling in excess of £781 million.
Founder John Kelly believes predictions of plunging property prices are wide of the mark, with the impact only likely to be felt by portions of the market – with 35% of buyers in Scotland purchasing without a mortgage.
“Glasgow’s property market is robust and thriving,” he said. “Inquiries are down slightly on last year, but the rise in viewings shows serious buyers are still attracted into the market.
“There has been a great deal of misplaced negativity around the housing market and the impact of financial conditions on house prices, but people’s lives continue to move on and with it comes the necessity to find a new property.
“In four decades in the industry, there has never been a time where there isn’t some form of report highlighting the imbalance between supply and demand. That will constantly stimulate the market in areas that offer a compelling combination of amenities and lifestyles.
“Glasgow’s strength in modern industries such as financial services, technology, and professional services allied to an almost unmatched balance of amenities, schools, culture, green space, and lifestyle makes it an extremely attractive proposition. This may be controversial, but I don’t believe the Glasgow property market is expensive for what it offers, and we will continue to see strength in the market for the foreseeable future as a consequence.”
