Kirkintilloch Housing Market: Rebuilding After Lockdown

Sales Market Review | Autumn/Winter 2020

"The lifting of lockdown has seen a jump in enquiries from Glasgow based buyers looking to move out of the city and considering multiple locations within the commuter hinterland where they are weighing up lifestyle, housing quality and value, and accessibility. Ever popular, Kirkintilloch & Lenzie has long been a popular choice and the opening of our new Kirkintilloch Branch has helped us match local sellers with buyers enquiring at our other branches in the West End, Southside, City Centre and Greater Glasgow market.”

Zoe Randalls, Senior Sales Negotiator, Rettie Kirkintilloch

KEY FINDINGS:

• The average house price in Kirkintilloch & Lenzie has seen modest annual growth of 0.5%, rising to £212k in September 2020 despite the challenges of the pandemic
• Supply in the local market after lockdown was lifted was over double during the Summer and Autumn months compared to 2019.However, sales in the first three quarters of 2020 remain -39% down to Sept 2020 compared to 2019 levels. We expect this gap to narrow by the year end on the back of the strong Autumn market
• The average price of a detached family home advertised on the market in 2020 has been 6% higher than 2019, Conversely, the average price of apartments being advertised is down on -7% on 2019

A Lifestyle Choice

With Glasgow less than 15 minutes away via Lenzie Train Station, Kirkintilloch and Lenzie has long been a popular commuter destination. The sibling towns offer a range of house types and prices to attract a broad church of buyers, both from the local market but also families leaving the city in search of a better lifestyle and family orientated living space.



A key trend that has been seen across Scotland’s major cities in 2020 has been the jump in enquiries from families finally frustrated with compact living in the city seeking living space who are now untethered from the office due to the new reality of home working. As market restrictions lifted, supply within the local market saw the pent-up demand released with new properties coming to the market jumping to well over double the supply in the same months in 2019. The demand for family housing has been reflected in the average price of properties coming to the market in 2020 compared to 2019. Detached, semi-detached and terrace family housing all saw the average price of properties being advertised up +4% to +7%. This contrasts with the average listed price of an apartment in the local market down -7% on 2019 reflecting the patterns of demand.



However, with supply high, the market has been selective and the total number of sales so far in 2020 remained -39% by the end of Q3 2020 compared to the first three quarters of 2019. This has meant that there has been some discount by agents and seller who have been keen to secure sales; the average discount where a reduction was needed in 2020 was -5.1%. This competition in the market has also meant that whilst premiums have been achieved, especially for prime locations and quality properties, house price growth has remained relatively flat over the past 12 months. Looking ahead we anticipate demand to remain strong, reflecting the appeal of the local area.

If you are looking to sell your property in Kirkintilloch, Lenzie, Torrance or Bishopbriggs, please don't hesitate to contact us.

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