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Glasgow enjoys a small housing Boom

Car Hire Glasgow Airport were a little bit stunned by the positive news in which house prices and demand has increased in such a good manner. 

House prices in the Glasgow area have experienced above average increases in prices in the latest quarterly report by Solicitors Property Centre (SPC) Scotland. This meant the typical property was valued at £178,339 for the whole of Scotland, with the Glasgow region being £120,442. It was an increase of 7.4% and is the sharpest annual increase for the city since 2007.

Gwilym Pryce, professor of urban studies at Glasgow ­University, said “Looking at the raw data, it seems that much of the recovery has come from a rebound in the selling price of flats that experienced the largest drop in value since the peak in 2007/08. It is, of course, too early to pronounce a housing market recovery based on a single quarter, particularly since we have already had several false starts. But it seems likely that the sustained fall in selling times, together with a shortage of new properties coming on to the market, will continue to put upward pressure on selling prices, at least in the near future.”

Managing director of Clyde property Gary Thompson felt the 7.4% increase was ambitious, but agreed the market was attracting more buyers with sales up 30% compared to a year ago, and increasing competition for properties. With three-bedroom properties the most sought after from buyers in the £175,000-£450,000 price range.