House sales in Glasgow region on the up

Alex Johnson

334babe70a840b6b736d744369d16099e6e6dd8b 300x200 House sales in Glasgow region on the upHouse prices in Glasgow and west central Scotland fell in the final three months of 2012 by 1.5%, but still ended the year 1.8% higher than they began it. The average selling price in the area is now almost £127,000, up from £124,500 12 months ago.

Selling prices are almost exactly what they were at the start of 2010, around 12% below their peak in 2007.

Sales in the last three months of 2012 were up by over 10 per cent compared to the same period in 2011, according to Glasgow Solicitors Property Centre (GSPC) who add that selling times have shortened by almost 10% compared to the same time in 2011, down from 145 days to 132.

GSPC Chief Executive, Mark Hordern, said: “We continue to report and comment on house prices, but in fact they have ceased to be the best indicator of market health. The first signs of a recovery in the market will not be a rise in prices, but a sustained increase in the number of transactions. Any changes in price will come later.

“In that context, the recent improvement in sales is encouraging. This is clearly not a ‘spring bounce’ and happened at a normally slow time of year. But we have been here before. Sales started strongly in 2012 and withered away partly because bad economic news hit confidence, but largely because mortgage lenders tightened their lending criteria which throttled demand. If this improvement in transactions is to continue, the economy has to avoid another major setback and lenders must at least maintain the gradual improvement in mortgage availability we have started to see”.

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