The average selling price of homes sold in Glasgow has increased by 10.7 per cent between April and June 2017 year-on-year, and by 11.2 per cent in the first six months of the year, according to the latest house price report from estate agents GSPC.
The average selling price for a property in Glasgow is now £140,584, compared with £127,039 from April to June last year.
In Glasgow, properties are also selling quicker – the median time to sell is now 19 days, 9.5 per cent down from the same time last year, and those marketed as ‘offers over’ are selling for 9.7 per cent above the asking price, up from 8.7 per cent last year.
Properties which are proving to be the most popular in Glasgow are two bedroom flats in the East End and West End of the city, which have increased by over 20 per cent over the last three months.
In comparison, the average selling price for properties across west central Scotland is now £135,898, compared with £131,392 during the same three month period last year. These properties are selling 17 per cent faster than the same period last year, with the median time to sell down from 30 days to 25 days. Those properties marketed as ‘offers over’ are selling for 5.9 per cent above the asking price.
Outside of Glasgow, three bedroom homes in North Lanarkshire are showing the greatest increase in selling prices – with a 21.4 per cent increase over the last three months to £143,905. And the area with the highest property prices is Renfrewshire, where a three bedroom house on average costs £181,455, up 13.2 per cent from £160,232 from last year.
Austin Lafferty of Austin Lafferty estate agents, said: “Glasgow is continuing to show increases in average selling prices and with a faster time to sell. Areas like the West End and East End of the city are proving popular for those looking to buy flats, not just to cater to the student population but for young professionals.
“However, these increases in prices across the region can also be attributed to a shortage in properties being brought to market that we have been seeing over the past year, not just in our region, but across Scotland. This lack of housing stock results in a ‘seller’s market’, where homes are selling for increasingly over their home report valuation. But the market does indicate that now would be a great time to sell.”