Number of houses sold in Glasgow and the west falling but shortage speeding up sales - GSPC

However, according to GSPC’s latest house price report, the shortage of properties has resulted in high demand for those available, which are now selling significantly faster than in recent years.

The median time to sell across west central Scotland is now 14.9 per cent faster than last year, down from 39 days to 33 days, while in Glasgow the median time to sell is 29 days, 12.1 per cent faster.

GSPC, which covers Glasgow, West Dunbartonshire, East Dunbartonshire, North Lanarkshire, South Lanarkshire, Inverclyde, Renfrewshire, East Renfrewshire, Ayrshire, Argyll and Bute, said properties marketed as offers over sold for 4.9 per cent above the asking price, up 2.1 per cent from last year, while in Glasgow, properties sold for 7.0 per cent above the asking price, which is around the same as last year.

The average selling price of properties sold across the region between July and December cooled down slightly with a decrease of 1.8 per cent, compared with the same period last year. While there is a slight decrease in selling prices from 2015, prices have remained steady throughout 2016.

In Glasgow, average selling prices decreased by 0.8 per cent, with an overall 0.3 per cent decrease for the full year of 2016.

The property types and areas showing the greatest increases in average selling prices compared with the same period last year were three bedroom houses in South Lanarkshire, with a selling price increase of 21.6 per cent, and three bedroom houses in North Lanarkshire, showing an 11.8 per cent increase in average selling prices.

In Glasgow, two bedroom flats are continuing to be popular, particularly in the East End, which has seen a 4.4 per cent increase in selling prices, and the West End, which has seen a 2 per cent increase. Both these areas are popular with students at the city’s universities. The southside, which has become a popular place for young professionals to buy, has seen a decrease of 4.1 per cent in average selling prices.

Austin Lafferty, director of GSPC, said: “While selling prices are levelling out across west central Scotland and average selling prices are slightly down, the property market is still favourable to sellers who can sell in quicker times and are more likely to achieve over their asking price.

“We are finding that flats are still popular in Glasgow due to the student population, despite the supplementary tax on second homes introduced by the Scottish Government in April 2016.

“With average selling prices remaining steady, Brexit has not shown a negative impact on the property market in Scotland. I would like to encourage people that now could be a good time to sell your property, particular as the shortage of stock is creating demand among sellers.”