Residential properties in Glasgow are currently selling faster than anywhere else in the UK, fresh figures show.
The latest findings from Savills Home Truths Research on the Glasgow and the West of Scotland property market shows that Greater Glasgow’s housing market has seen significant growth in activity since it reopened in July following a six-week Scotland-wide lockdown, with a 44% increase in agreed sales, compared to the same period last year.
Cameron Ewer, Savills head of residential in Scotland, said: “The housing market in Glasgow is busier than we’ve ever seen it. Many people are looking to shake up how they live and are prioritising a new lifestyle over the cost of securing it. As a result, the right properties are attracting multiple offers and selling quickly.
“We tend to see an increase in new instructions at this time of year, but this year it’s off the charts. The number of people registering to buy with us in the last week of August was 100% higher than during the first 12 weeks of the year, and we’ve seen an 80% increase in the number of viewings.
“Off-market sales have also increased by around 50% – a good indication that buyers are committed and willing to pay at or close to the valuation.”
In Savills’ latest buyer survey, 55% of Scottish respondents said that a village location had become more attractive due to the experience of lockdown. Savills research reveals a growth of 2% in prime values in areas surrounding Glasgow in the year to the end of September, as a result of a fresh focus on room to work from home and to access outdoor space.
Faisal Choudhry, head of Savills Residential Research in Scotland, said: “The number of new buyers who registered with us between July and September to buy a property across Greater Glasgow and the West of Scotland was 103% higher than the same period in 2020.
“Last year over 60% of our buyers were families, attracted by the area’s good schools and the exceptional quality of life on offer. However, our latest data suggest that a renewed appreciation of space, the ability to work for home and access to outdoor space are perhaps becoming even more important drivers of demand.”
Meanwhile, demand has remained strong in Glasgow City where a lack of supply has driven a 6.8% rise in values in the year to the end of September.
Despite delays in completions as a result of lockdown, £1m-plus activity in 2020 has remained the same as the 10-year average, which demonstrates top-end market expansion in recent years. This includes a sale at £2.9m in Glasgow’s West End, a record for the city.
Choudhry added: “We have seen a 46% increase in the number of sales agreed for properties above £1m across Scotland between July and September compared with the same period a year ago.”