Property

‘Problem with West End property market is not a lack of demand, but short supply’

By Ian Marland at

A lack of homes coming up for sale continues to weigh down on the West End property market.

But prices remain strong and higher than other parts of the city, and the forecast is for further growth in the next few years.

That is the assessment of the market by local estate agent Walker Wylie.

Street

High: demand and prices have remained strong in the West End

Barry Walker and Stuart Wylie have given a low down on the market ahead of the seasonal spring surge.

Now is the time of year when buyers and sellers ramp up their house buying and selling efforts.

But how are things looking with that little old consideration of Brexit?

Barry said: “The West End of Glasgow continues to outperform the rest of Glasgow, with property prices remaining higher than the rest of the city, and continued growth anticipated over the next few years.

“The problem in the local West End property market is not lack of demand, but short supply.

Rooftops and property

Citywide: the West End continues to outperform the rest of Glasgow for price

“We have no issue in securing serious buyers for properties here.

“In some cases, properties reach prices up to 30% higher in this part of the city – no surprises there for those of us who know and love the West End.”

Brexit is a big factor in the current market, but Walker Wylie say Glasgow home owners can take great comfort in the fact the city is starting from such a strong baseline.

In 2018, Glasgow properties sold for on average £30,000 above the asking price, compared to just £12,000 higher for the rest of Scotland (source: Scottish House Price Report, S1homes.com – Q4, 2018).

Stuart said: “Glasgow home owners are in a strong position, and we expect the upward trend in house prices to continue.

“The latest House Price Index Report (HM Land Registry/October 2018) shows a 5.8p per cent increase across Scotland in average house prices during the preceding year.

‘National average’

“Glasgow has exceeded this national average, showing a 10.4 per cent increase in average house price in 2018 compared to the previous year.

“And these figures are only more pronounced in the West End. G12 and G3 are incredibly strong performing postcode areas, although the entire West End area has outperformed the rest of Glasgow for years.

“We believe this is all set to continue based on what we’re seeing in the area at the moment.”

Walker Wylie is an independent estate agents in Glasgow with over twenty years’ experience in the Glasgow property.