House Prices Higher than 12 Months Ago

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

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