By We look at what is happening in the property market during February 2024 including a significant imbalance between supply and demand.
Our figures for February highlight the increasing demand v supply issue in the Glasgow and Argyll property market. Buyers have returned to the market with renewed confidence after many took a step back last year until interest rates stabilised. However, there is a severe lack of available properties to meet this demand, resulting in a continued trend of properties selling over the home report value due to the competition between buyers.
As you can see from the above snapshot of our figures for the month to date (Feb 1 – Feb 28th 2024), we agreed 29 new sales (compared to 15 in January) however only 26 new properties were instructed (compared to 39 in January). Buyer demand increased 73% compared to January with 702 new buyers registering during February for our ‘Heads Up’ property alerts.
We also arranged 644 viewings (up from 394 in January) for our clients and received 2,359 website enquiries for their properties.
In summary, buyer demand increased in February across all levels including registrations to our database, viewings, website enquiries and properties sold. Whilst the stock of available properties has gone down.
Tenant demand continues to be extremely high with an additional 489 new tenants registering with us during February, similar to January’s figure of 440.
Here is what our agents are saying:-
Paul Burns – Cardonald, Glasgow branch
“Cardonald reported a strong housing market in February, with buyer interest across all property types increased significantly since last year, the levels of demand are pushing in the region of 70% of the properties towards closing dates which has resulted in owners receiving multiple offers all well in excess of home report values. In essence, owners are picking their preferred buyer.
All in all it’s been a really strong start to 2024 and while we have in the main hit our listing targets month on month the buyer demand continues to outstrip the level of properties we list.”
Gregor Cope – Shawlands, Glasgow branch
“We have seen a positive start to 2024 in Shawlands and the surrounding areas. The sales market in Glasgow continues to be buoyant, especially amongst first time buyers. Mortgage products available are generally competitive given the current interest rate levels.
Buyers continue to outstrip supply with a lot of properties being sold at closing dates. This has led to numerous offers over the home report value which is extremely positive for sellers. However, there is a general frustration in the sales market as stock levels remain relatively low."
Craig Smith - Shawlands, Glasgow branch
"The letting market continues to be extremely busy due to the number of tenants looking to rent being far higher than available properties. Government legislation continues to have a negative impact with numerous landlords exiting the rental market and selling their properties.
The introduction of the new Repairing Standard for landlords from 1 March 2024 may see even more landlords exiting this market and selling their properties. Unfortunately for people looking to rent properties, demand is far greater than supply leading to higher rent levels.”
Some success stories this month that all sold for exceptional levels over the home report value included:-
Birkhall Avenue, Cardonald – Offers Over £220,000
Calfhill Road, Pollok – Offers Over £99,995
Ardmaleish Crescent, Castlemilk – Offers Over £59,000
Glenmill Crescent, Darnley – Offers Over £255,000
Newlandsfield Road, Shawlands – Offers Over £109,000
Muirskieth Road, Merrylee – Offers Over £159,000
It was also an extremely busy February for our lettings team based in our Shawlands branch. 15 new lets were agreed during the month, leaving us at almost 100% occupancy and in need of new properties to meet tenant demand. Properties rented included:-
Mount Stuart Street, Shawlands
White Street, Partick
National Drive, Cowglen
Victoria Road, Govanhill
Blackburn Street, Kinning Park
Coll Street, Germiston
Niddrie Road, Queens Park
Waverley Gardens, Shawlands
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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