Scotland's Prime Property Market

Scotland's Prime Residential Market
 
Greater Glasgow reaches new heights

8 September 2017, by Faisal Choudhry

Prime market activity goes from strength to strength, with the West End and new build markets leading the way

 

Across Greater Glasgow, the number of residential transactions increased by 2% during the year ending June 2017. Within Greater Glasgow, the number in the commuter location of Renfrewshire increased by 13%, supported by new build activity. This was among the highest in Scotland. Annual growth in transactions across Inverclyde, South Lanarkshire and Dunbartonshire also exceeded the Scotland figure.

The number of residential transactions in the city area of Glasgow fell by 3% during the year ending June 2017. This was mainly due to a lack of activity below £200,000. Current selling times in this fast-moving price band are averaging around five weeks, compared to seven weeks across all price bands.

Prime market outperforms Scotland

Greater Glasgow’s prime residential market above £400,000 recorded its highest total in five years, with 1,012 transactions taking place during the year ending June 2017. This figure was 29% higher than the level during the year ending June 2016. Prime growth was supported by a 40% annual rise in new build transactions, which now make up 30% of all prime activity in Greater Glasgow. Crucially, the prime second hand market also made a strong comeback, following a dip in activity last year.

Above £750,000, the market across Greater Glasgow has improved. There were 86 transactions during the year ending June 2017, compared to 61 last year and 69 during the period before LBTT commenced.

City hotspots lead the way

The prime market in the city area of Glasgow made a strong recovery during the year ending June 2017, recording 297 of the 1,012 prime transactions above £400,000 across Greater Glasgow. This was the highest level of transactions in Glasgow in five years. The hotspots of Glasgow’s West End and Park made up almost a half of all prime activity in the city.

Meanwhile, there was a 48% annual rise in prime activity in the commuter location of Lanarkshire, supported by new build transactions in Hamilton, Bothwell and Thorntonhall.

Prime activity above £400,000 also improved in the suburban hotspots of Bearsden, Giffnock, Newton Mearns, Lenzie and Milngavie. Transactions above £400,000 made up 12% of all activity in these areas.

 
A lower conversion on Dundonald Road in the Dowanhill area of Glasgow's West End (offers over £500K) has attracted multiple bids due to a chronic lack of supply of high quality and appropriately priced properties in the West End

▲ A lower conversion on Dundonald Road in the Dowanhill area of Glasgow's West End (offers over £500K) has attracted multiple bids due to a chronic lack of supply of high quality and appropriately priced properties in the West End

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