Demand for Green City Living
The housing market in the Southside of Glasgow has seen a notable increase in activity since the lockdown restrictions were lifted. Overall, supply in the market since July has been up over 50% compared to the Summer of 2019. However, despite this surge in activity, the total value of sales remains around -33% lower in the year to date compared to last year as a result of the market shut down in the Spring.
Average prices in the Southside saw a jump post lockdown, with the average sale price in September over £170k. Demand has been strongest for larger apartments and family homes as lockdown has led many buyers to reconsider their lifestyles with greater levels of home working. The abundance of green space in the Southside has been particularly attractive to buyers. This has meant that, when sales have been above Home Report valuation, Rettie have achieved an average £20k above valuation, with some months returning double digit percentage premiums. However, statistics from Rightmove show that, across all agents, the use of price reductions increased immediately after lockdown as people rushed to secure sales. When used, the average price reduction in 2020 has been around -6.3%.
As the Winter market draws in, we expect demand to remain robust for quality properties in prime locations within the Southside, while more secondary locations may see a softening as the initial pent-up demand post-lockdown has been somewhat sated.
If you are looking to sell your property in Shawlands and the Southside of Glasgow, please don't hesitate to contact Alison Anderson in our Shawlands.
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