The most recent report from the Glasgow Solicitors Property Centre indicates that house prices in the west of Scotland are approximately £4,000 higher than they were a year ago after a rally in the final months of 2011. GSPC Chief Executive Mark Cordon advises “significant numbers of home owners are sacrificing a quick move to maximise their sale price. Also the fall in the number of new instructions ultimately restricts supply and so helps to support prices.”
I find this report interesting as it reinforces the current east/west divide in the Scottish property market. On the east coast property prices remain stable with the number of properties coming on the market also remaining relatively stable . I also do think that there is a fallacy in relation to house prices as most sellers are not in a position to drop their prices below a certain amount most often determined by the level of their outstanding mortgage and the requirement of a deposit for a future purchase.
I will continue to report on trends and reports.
Lindsay Darroch Partner & Head of Property
