SPC Scotland quarterly market commentary February 2018

by SPC Scotland

08 March 2018

Many parts of Scotland are experience shortages of properties available for sale, which in turn is driving up demand and pushing up prices in particularly desirable areas – and it’s not just in Edinburgh and Glasgow, according to analysis from SPC Scotland.

The most recent quarterly house price statistics published by Registers on Scotland on February 1, 2018, covering the period from October through December 2017, showed that the average price of a residential property in Scotland was £176,063 - a 4.4% increase compared with the same period in the previous year.

Central Scotland 

ESPC’s latest house price report recorded a 3.1% decrease in the number of homes being brought to market in east central Scotland over the last three months, from December to February 2018, and an increase in average selling prices of 7.3% to £234,757.

GSPC noted that between October and December of 2017 the average selling price of properties in west central Scotland increased by 6.1% to £130,768, and in Glasgow properties increased by an average of 4.8% to £124,929 in that three month period. The median time to sell of properties sold across west central Scotland through GSPC in the fourth quarter of 2017 was 15.3% faster than last year down from 36 days to 31 days. The median time to sell of properties sold Glasgow was 25.8% faster than the same time last year, down from 33 days to 25 days.

Austin Lafferty, director of GSPC, said: “Properties in Glasgow and west central Scotland are continuing to be in high demand, with market conditions remaining consistent with the overall trend of fewer properties being available for sale, and as a result faster selling times for particularly desirable areas.

“The East End is proving to be the new property hot spot for first time buyers, while good family homes in East Renfrewshire and North Lanarkshire are also selling well, partly due to a short supply of these entire homes. However due to this sellers’ market, now could be a good time for bringing your home to market.”

Tayside 

Similarly, TSPC noted a 12.6% decrease in the number of properties listed for sale over the last three months of 2017 in Tayside. There was a 7% increase in the average selling price, to £157,807 in the last three months of the year.

Lynne Hill, manager at TSPC said: “The property market in Dundee, Angus and North Fife is in good health as we enter 2018. Over the last quarter of 2017 TSPC noted sales up by 15% and we are hopeful that the trend will continue in the months ahead. Certainly, the early indications are promising. Across the region we are still seeing closing dates from our member firms and many properties are going under offer quickly.

“Like the rest of Scotland, we are seeing a shortage in the number of properties for sale, and this is reflected in the selling price. There are plenty of serious buyers out there and would advise if anyone is contemplating selling their home they shouldn’t be stalling. Strong demand for properties in popular areas is being reflected in the prices being realised and many of our properties are going under offer very quickly and we are seeing more and more going to closing dates.”

Scottish borders

In the Scottish Borders, BSPC reported that there was a 13% decrease in the number of properties listed for sale in the last three months of 2017, with a 20% decrease for 2017 overall. The average price in the area increased by 2% in the last three months of 2017, and by 3% for 2017, year-on-year.

David Kilshaw, chairman of BSPC, said: “We have seen a reduction in the number of properties coming to market across virtually all sectors of the market, leading to an excess of demand over supply. As a result, prices have held up well across most areas, and most properties have been selling within a reasonable time frame and at or about Home Report value.

“Recent changes to the tax regime for buy-to-let landlords has seen a slight retraction in that sector, allowing a welcome return of first time buyers back into the market and bidding competitively for these properties, which had until recently been traditional starter homes for young couples looking to get on to the housing ladder.”

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