Drop in Glasgow house prices despite summer bounce
House prices in Glasgow and west central Scotland are higher now than they were at the start of the year, but still 2.4 per cent lower than this point in 2011. Average selling times have also fallen sharply, down from 151 days a year ago to 105 days by the end of June.
The report from GSPC (Glasgow Solicitors Property Centre) says selling prices in Strathclyde between April and June rose by almost £4,000 to £135,000. However, the average property value is just over £3,000 which is 2.4 per cent below the level at this time last year. Prices are now 10 per cent below their peak of 2007.
The analysis of GSPC’s sales data was carried out by Professor Gwilym Pryce of Glasgow University who revealed that the biggest change in the last three months has been the fall in selling times. The average selling time is now 30 per cent lower than it was at this time last year and almost 45 per cent lower than it was at the start of 2012. In the past, selling times have fallen in line with price falls as homeowners accept lower offers to finalise a sale. In this case, however, both selling times and prices rose together as a shortage of homes for sale prompted buyers to act more decisively.
Professor Gwilym Pryce said: “Taken together, these figures suggest little overall change in property values. Temporary fluctuations continue but we are unlikely to see any real growth until the wider economy shows clear and persistent signs of recovery”.
GSPC Chief Executive, Mark Hordern, commented: “Overall, we expect no great shift in prices one way or another in the second half of the year or a significant increase in the number of transactions. Nevertheless, greater price stability and shorter selling times should make moving home quicker and less stressful than it has been for some”.
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