Glasgow City Residential Sales Update
Glasgow City Residential Sales Update: Focused Expertise in Glasgow Merchant City and City Centre
Our research shows that the residential property sales market in Glasgow has risen 15.5% in the last three years with a compound annual growth rate (CAGR) of 4.9% per year and that it is continuing to grow. Transaction numbers within the Merchant City and City Centre, year to date, are at similar levels this Q1 2019, to Q1 2018. The low number of properties coming to the second hand residential sales market and a lack of centrally located new build developments on offer over the last 5 years, coupled with increasing demand for city living by incoming lifestyle buyers, is resulting in a majority of quality property within in key City postcodes, selling above their Home Report Valuation (HRV) levels.
The City Centre sales market is experiencing an increasing number of properties being sold at Closing Dates with premiums of up to 10% being achieved above the HRV in many cases especially within the popular Merchant City, G1 area, this is evident with Glasgow City Centre’s Average House Price being 4.63% higher in Q1 2019 than Q1 2018 and apartments in the city centre have seen prices increase 8.35% year on year in Q1 2019 with £12m of properties having sold in Q1 2019, around the same levels as Q1 last year. Demand is outstripping supply across the city.
Year to date, the top 25% of property sales in the Glasgow City Centre market place have been above £200,000 with only 4% of sales between £300,000 - £400,000. There is buyer appetite for quality properties in this higher price range, however there are limited numbers of apartments available above £300,000 coming to the sales market with even less above £400,000 whereby only 1% of sales have been in that price range. The majority of sales, so far this year, have fallen under the £200,000 threshold with 75% of property sold between £100,000 and £200,000 meaning the area is offering good value for First Time Buyers and Investors alike.
The City Centre team pride themselves on providing a great customer experience and the best possible sale for our clients. The properties listed below all sold within a matter of days on the sales market either at Closing Dates or achieving an offer above Home Report Valuation to entice the seller to a swift sale.
If you are looking to sell your property in Glasgow City, please don't hesitate to contact Lisa Pitchers.