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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s