Newton Mearns Housing Market: Rebuilding After Lockdown

Autumn/Winter 2020

"We have seen a surge in activity since the lockdown restrictions were lifted in the Summer and this has continued throughout the Autumn market. Demand has been strongest from buyers looking to upsize for space to work from home and for outside space for children. With these property traits now in high demand, competition for the most desirable homes has been strong and we anticipate this will continue to be the case moving forward.”

Alan Laird, Associate Director, Rettie Newton Mearns

KEY FINDINGS:

• Demand for high quality family housing has increased as lockdown restrictions were lifted
• Supply within Newton Mearns is +59% higher since lockdown than during the Summer in 2019
• Overall, the total number of sales in Newton Mearns from Jan to Sept 2020 is -36% down on Jan to Sept 2019
• The average house price in Newton Mearns in Q3 2020 was over £300k; this is over 14% higher than East Renfrewshire as a whole

Suburban Space

With high quality schooling, desirable housing stock and great lifestyle amenity, Newton Mearns is an attractive residential destination within Glasgow’s hinterland and, since lockdown ended, there has been a marked increase in enquires for homes that provide these qualities. In Q3 2020, the number of properties coming to the market was up +59% compared to the same period in 2019, reflecting the pent-up demand that resulted from the market closure in the Spring. This said, so far in 2020, the total number of properties sold in Newton Mearns remains -36% down on sales to the same point in 2019.



Figures from Rightmove show that, despite strong activity, there is still some limited price reductions being used to secure sales, although at a lower rate than pre-lockdown. Where sales have achieved a premium above Home Report, Rettie have achieved an average £24k above Home Report valuation in 2020 despite the high levels of supply within the market; in August this premium jumped to over £34k.



Looking ahead, it is anticipated that demand for high quality family homes will continue to persist into the Winter, however, more peripheral or secondary locations and housing stock may see a cooling of demand as the pent-up demand from the closed Spring market dissipates.

If you are looking to sell your property in the Southside of Glasgow, please don't hesitate to contact Alain Laird in our Newton Mearns Office.

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