Property Prices Are Rising

On 2 April 2014, Mark Holden of GSPC, reported the good news that house prices in Glasgow and the West of Scotland rose by 7.4% in the last year. Transactions have also improved significantly with sales up by 30% on the same time last year and properties are taking on average 20 fewer days to sell than they were 12 months ago. Also according to the latest GSPC figures the average selling price in the area is now £120,000, up by £1500 on the previous quarter and by just over £8000 compared to the same time last year.

Professor Gwilym Pryce of Glasgow University who analysed the GSPC’s data stated “This is the largest annual rise in house prices in the West of Scotland since the end of 2007.”

He continues “It is, of course, too early to pronounce a housing market recovery based on a single quarter, particularly since we have already had several false starts. But it seems likely that the sustained fall in selling times together with a shortage of new properties coming onto the market will continue to put upward pressure on selling prices, at least in the near future”.

It seems the key issue is now one of supply. The number of properties coming onto the market remain well short of demand and stock levels are declining as a result. If prices do rise further, this will largely be due to a shortage of sellers.

This entry was posted in In The News and tagged , , , by Alison Gourley. Bookmark the permalink.

About Alison Gourley

Alison graduated from Edinburgh University School of Law in 1991. She joined Mitchells Roberton in 1996 and became an Associate thereafter. Alison specialises in both commercial and residential conveyancing, advising individuals, large and small businesses, banks, charities and further education institutions on all property transactions. Having 20 years experience in property law Alison has developed excellent relationships with surveyors, independent financial advisers and banks so is ready to act swiftly and effectively to meet her clients’ needs in an ever changing property market. She enjoys getting to know her clients and is committed to giving them an efficient service and is always friendly and approachable. She is also involved with the marketing aspects of the firm and is the solicitor in the office who trains the conveyancing paralegals. Alison is married to a photographer and has one child. In her free moments she likes to keep fit. She is a talented amateur artist and loves nature and the great outdoors.

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