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Sales up and selling times down in Glasgow and west central Scotland

Alex Johnson

d9c9a997cec1290d9d17445410901b4ba545132d 300x199 Sales up and selling times down in Glasgow and west central ScotlandSelling times in Glasgow and west central Scotland – the most populous area in Scotland – fell by a third in the last three months compared to the same period last year, while sales were up almost a third. According to the Glasgow Solicitors Property Centre report, prices are still around 2% lower than 12 months ag and the average selling price in the area is £119,000 meaning average property values are roughly back to where they were at the start of 2006.

Selling times fell sharply to 88 days, down from 133 days at the start of the year, the first time that selling times have fallen below 100 days since 2010.  Sales were 9% up on the previous three months and 32% higher than the same three months last year.

GSPC Chief Executive, Mark Hordern, said: “A new mood of realism among sellers has combined with improved mortgage availability and a greater sense of purpose among buyers to drive a significant increase in activity.  All of that bodes well for the market as a whole.

“In some locations, an increase in sales has been achieved through lower selling prices.  While more affordable homes are selling well, larger homes are proving more difficult to sell and many properties are selling for less than home report value. In other areas, especially the more desirable suburban locations on the outskirts of Glasgow and the West End of the city itself, there is some evidence of rising prices and faster selling times.  In these locations, we are seeing a growing number of closing dates and, for the first time, properties selling for over their home report value.”

Country house prices stable
Prime country house prices in England rose by 0.4% between April and June, say Knight Frank, although their latest report says that despite the recent increases in house prices, transactions are taking longer as buyers consider their options. Rupert Sweeting, Head of Knight Frank’s Country department, said: “Prices in the country house market remain stable, however, realistic pricing continues to be all important.  Spring’s late start has been clearly reflected in the country house market, which has been delayed by between four to six weeks across the country.  In the last month we have been experiencing encouraging trading conditions and see now as an opportune time to take advantage of the gulf between the capital and the country.”

In Oxford, Knight Frank say that demand from people relocating from London as well as local buyers has helped to push price growth to 4.8% over the past year, while prices in Winchester have risen by 2.9% so far this year.

Facts about private landlords in the UK
The Strategic Society Centre has been crunching the figures about landlords and renting in the UK and concludes that the average age of private landlords is 48, while the average age of renters is 32, and that landlords are significantly more likely to have grown up in owner-occupied housing than other groups.

Overall, their figures show that the number of private landlords as a proportion of the UK population has doubled in the last two decades and that the effect of increasingly wealthy private landlords is that first-time buyers are struggling to compete for homes.

James Lloyd, the director of the think tank, said: “The government champions ‘aspiration’ and getting people onto the property ladder. But the last decade has seen the unending growth of the private rented sector, with more and more private tenants trapped renting seeing their dreams slip away. The government should urgently bring forward plans for new home building and shared-ownership schemes. But building new homes will never be enough for the government to help people’s aspiration for homeownership without new restrictions to ensure that new build homes go to new homeowners.”

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