November 2023 market update and highlights
Before we look at the most up to date stats and outlook from this month’s UK House Price Index, here is a quick snapshot of Scottish Property Centre’s month in numbers –
- Viewings Arranged 515
- New Buyers Registered 446
- Website Enquiries 1,881
- Instant on-Line Valuations Carried Out 212
- New Tenants Registered 469
- Properties Sold 27
- New Blogs Published 19
- New Property Instructions 34
- Property Valuations Carried Out 71
What are our agents thoughts on the local property market across Glasgow and Argyll from our branches in Dunoon, Cardonald and Shawlands?
Liz Dineley from our Argyll branch in Dunoon commented “In our Argyll Branch we have seen a flurry of buyer activity in November, with the majority of sales continuing to achieve over home report value figures.
Despite the economic climate and nearing closer to Christmas, The Scottish Property Centre continue selling properties in the Argyll area and achieve best prices for the majority of our customers.
We will finish 2023 having had a tremendous year and hope to accomplish the same level of sales in 2024.”
Two recent sales in Dunoon have been;
Glenlea, a 5 bedroom detached house
and a one bedroom flat in Stanley Terrace,
both sold within a week at over home report value, which shows that properties of all values are selling quickly.
In Glasgow, Gregor Cope from the Shawlands branch stated “The Shawlands and South Side markets continue to perform well, especially the first time buyer and mid-range market with the mortgage products available from lenders continuing to improve and become more competitive.
As has been the case since the second quarter of 2023, the low levels of stock available within the marketplace is frustrating to both buyers and estate agents. However, this has led to positive sale prices being achieved and closing dates continuing to be commonplace. The upper end of the market is strong although properties are taking longer to sell due to less buyers in that market.”
A few examples or recent sales in Glasgow:-
16 Daviot Street, Drumoyne
– This end terrace home was on the market for just 1 week and after 18 viewings, we received 7 offers at a closing date, achieving more than 15% over the home report value.
11 Falloch Road, Battlefield
– This 2 bedroom apartment is in a small development in Battlefield. We were delighted to achieve 10% over the home report value for the owner after just 10 days on the market.
32 Queen Mary Avenue, Queens Park
– After selling at a closing date in July, this main door flat had to be remarketed after the sale failed to complete. 15 days later, we managed to achieve even more than the original sale at a new closing date, with the highest offer being more than 12% over the home report value.
79 Elmore Avenue, Simshill
– On the market for just over 2 weeks, this mid terraced home had 25 viewings and sold at a closing date for more than 13% over the home report value.
With regards to the rental market in Glasgow, Gregor commented “The rental market sees demand far outstripping supply leading to continued rising monthly rents. We have seen a number of landlords being forced to sell their properties due to losing money and being unable to increase rents accordingly. We will not be the only agency experiencing this, which is further compounding the upward pressure on monthly rents and reducing supply in the marketplace.”
The latest UK House Price Index by Zoopla indicates annual house prices across the UK have fallen by 1.2% over the past 12 months.
Looking at just Scotland, the values are still holding firm with a slight annual rise of 1% across the country. In Glasgow the annual house price growth is currently at 1.1%.
The main takeaways from the report are: -
- The average house price in the UK is £264,600 with property prices falling by 1.2% compared to a year ago
- Property sales are holding up despite weaker demand for homes, while number of homes for sale reaches six-year high
- Discounts to asking price average 5.5% or £18,000 - the highest in 5 years - and are even larger in the South of England
- London’s newfound value for money is supporting sales and pricing in the capital
- House prices will continue to fall in 2024 but market activity could pick up if mortgage rates come down
As always, if you have any questions relating to the property market or would like to discuss the current valuation of your home, please feel free to get in touch with your local Scottish Property Centre branch.
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