House prices in west central Scotland increase as the number of homes sold falls

The average selling price of residential properties across west central Scotland has increased by 6.1 per cent over the last three months of 2017, when compared with the same period in 2016, according to the latest quarterly report from estate agents GSPC.

The average selling price across is now £130,768 across GSPC’s region, which includes City of Glasgow, West Dunbartonshire, East Dunbartonshire, North Lanarkshire, South Lanarkshire, Inverclyde, Renfrewshire, East Renfrewshire, Ayrshire, and Argyll and Bute.

And over the course of 2017 average selling prices rose by 8.6 per cent to £139,504, when compared with 2016.

Over the past six months, three bedroom properties in North Lanarkshire have shown the greatest increase in average selling prices year-on –year, up 23.6 per cent to £137,744.

Three bedrooms houses in Renfrewshire have also proved popular, with an 18.1 per cent increase year-on-year, to £183,163.

In Glasgow, the average selling price over the last three months of 2017 increased by 4.8 per cent to £124,929 year-on-year. In 2017 the average selling price in Glasgow rose by 10 per cent to £138,443 when compared with 2016.

These increases in selling prices can be attributed to a shortage of properties for sale, as indicated by the latest UK House Price Index (UK HPI). Their latest monthly report revealed that there was a decrease of 2.5 per cent of the number of properties sold in September 2017, compared to September 2016.

Because of a shortage of properties, homes in popular areas are attracting a number of buyers, which increases the percentages over the asking price, as well as the median time to sell. Over the last three months properties across west central Scotland sold for 6.3 per cent above the asking price, up from 5.2 per cent last year.

For 2017, this figure was 6.6 per cent. And in Glasgow, properties marketed as offers over sold for 7.6 per cent above the asking price, up from 6.6 per cent last year. For 2017, this figure was 9.7 per cent.

The median time to sell in west central Scotland in the fourth quarter of 2017 was 15.3 per cent faster than last year, from 36 days to 31 days. In Glasgow properties were selling even quicker – from 33 days to 25 days, which is 25.8 per cent faster year-on-year.

Austin Lafferty, spokesperson for GSPC, said: “Over the course of 2017 we have seen increases in average selling prices throughout west central Scotland. This is particularly pronounced in Glasgow and with three bedroom homes in areas popular with families, such as Renfrewshire and North Lanarkshire.

“These increases could be attributed to a shortage of properties for sale, which drives up demand, so that more properties are going for over their asking price. We are also finding that properties are selling faster than the same time last year. In fact in 2017, half of all properties sold within 28 days. We would encourage sellers to consider marketing their properties, as they are likely to achieve on or above their home report valuation.”