Glasgow City Centre Housing Sales Market Review | Autumn/Winter 2020
"Glasgow City Centre has seen a sharp increase in activity since the lockdown restrictions were lifted with the greatest demand being concentrated in prime locations and properties.
Despite increased working from home, and potential lifestyle changes, the City Centre remains a desirable destination for urban living, especially larger apartments with balconies or good communal gardens..”
Lisa PItchers, Branch Manager & Valuer, Rettie Glasgow City
- The average house price in Glasgow City Centre in September 2020 was over £205k, up +7.8% year-on-year
- Supply between July and September, since the lockdown was lifted, has been 38% higher than the same period in 2019
- The overall value of property sold in the City Centre in 2020 remains -55% down on 2019 levels
- When sales have been above valuation Rettie & Co, have achieved an average of £16k above Home Report values
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Glasgow City Centre Market
The Glasgow City Centre market has seen a strong recovery in activity since lockdown restrictions were lifted at the end of June. The pent-up demand from the closed Spring market saw supply in the area jump well above levels seen during the same period in 2019. In the three months from July to September, there have been +38% more properties available on Rightmove compared to 2019. However, despite this increase, the total value of property sold to date during 2020 remains -55% down in the year to September 2020 compared to the same period in 2019.
Average house prices in the City Centre saw a jump as the market reopened exceeding £200k in August and September. With demand for prime apartments remaining strong, when sales have been above valuation Rettie & Co. have achieved an average of +6% above Home Report price, with higher premiums achieved for the most desirable homes. However, statistics from Rightmove show that, across all agents, price reductions have been required to secure sales in a competitive market and where these have been used, they have averaged -6.4% so far in 2020. Overall, Glasgow City Centre continues to grow in popularity and demand as new developments and inward investment create an ever more dynamic and desirable residential location.
If you are looking to sell your property in Glasgow City, please don't hesitate to contact Lisa Pitchers.
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