By We look at what is happening in the property market during March 2024 as values continue to increase in Glasgow.
As you can see from the above snapshot of our figures for the month to date (Mar 1 – Mar 28 2024), we agreed 33 new sales with 40 new properties coming to the market during the month. Buyer demand continues to be high with 485 new buyers registering during March for our ‘Heads Up’ property alerts.
We also arranged 490 viewings for our clients and received 1,541 website enquiries for their properties.
Tenant demand continues to be extremely high with an additional 320 new tenants registering with us during March.
Here is what our agents are seeing locally:-
Liz Dineley – Dunoon, Argyll branch
“It’s been a busy month in our Dunoon, Argyll office, and as often happens in March many of our lovely clients choose this month to list their property, much to the delight of our buyers. A great range of sales this month from a one bedroom bungalow in need of a complete renovation to an immaculate 3 bedroom duplex apartment.
No matter the condition of your current property contact us for a valuation, our experienced team can advise you on what, if any, work or repairs you should consider to ensure the optimum sale price.
Highlighted properties this month are a modern 2 bedroom apartment with sea views at 13 Harmony Court on the market at offers over £130,000
Paul Burns – Cardonald, Glasgow branch
“The market remains strong in Cardonald with 11 properties going to closing dates in the month of March, receiving multiple offers in all cases. We have had 21 new listings in March with the average time on the market being 8 days. With qualified buyer levels remaining extremely high it continues to be a strong sellers market.”
Some success stories and exceptional sales by the Cardonald branch this month include a 4 bedroom semi detached at 1 Lintlaw Drive, Cardonald
a sandstone 3 bedroom semi detached villa at 52 Ladybank Drive, Bellahouston
and a 2 bedroom semi detached villa at 149 Arisaig Drive, Mosspark.
Craig Smith – Shawlands, Glasgow branch
”There is some positive news for buyers this month with the traditional Spring market appearing to kick into life. During March, we have seen a significant increase in valuation requests from owners and at the Shawlands branch we visited almost double the amount of homes compared to last month. This was also an 125% increase year on year when comparing to March 2023, another good sign that we may start to see stock levels finally increase.
It may take a few weeks, or even months, to have an impact but buyers should start to see more properties coming to the market, given them more choice than has been available over the past few months.
However, with demand so high it is still a very competitive market between buyers and an excellent time to be selling with southside properties continuing to achieve quick sales for exceptional levels over the home report value.”
Some success stories from the Shawlands branch this month that all sold for exceptional levels over the home report value included:-
3 bedroom flat on Corrour Road, Newlands that sold in just 7 days at a closing date
2 bedroom flat on Buchanan Drive, Newton Means that sold in just 13 days
1 bedroom flat on Kilmailing Road, Cathcart that had 54 viewings and sold at a closing date for almost 25% over the home report value.
Gregor Cope - Shawlands, Glasgow
“The rental market continues to be impacted by Government legislation. The number of rental properties available is at record lows. At points during March our fully managed portfolio was at 100% occupancy with no properties available for the increasing numbers of tenants waiting on our pre-registered list.
It is likely to be more bad news for tenants as we expect rents will continue to rise as landlords continue to exit the market, leading to increased demand for rental properties in a time of diminishing supply. This is after changes to the Repairing Standard introduced on 1 March 2024, resulting in more legislation and costs for landlords. In addition, we have new rent controls coming into play from the start of April.”
Zoopla Price Index
The latest Zoopla Price Index released 28th March indicates
· Annual house price inflation slows to -0.3% , up from -1.4% in Oct 2023
· Market activity improves across all key measures led by sales, which are 9% higher than a year ago
· More sellers coming to the market and stock of homes for sale up 20%
· 2024 is set to be a year of better sales volumes and flat house prices
Despite a -0.3% decrease in annual house prices across the UK, looking at just Scotland the property values increased by 2.1% compared to a year ago.
Glasgow has seen a 2.6% increase over the year, which is the highest increase for any region in the UK other than Belfast (4.5%). Edinburgh increased at 1.2%.
As always, if you have any questions relating to the property market or would like to discuss the current valuation of your home, please feel free to get in touch with your local Scottish Property Centre branch.
Looking to move in 2024? Register for our ‘Heads Up Property Alerts’
Do you know we offer 3 types of valuation? This includes and instant on-line valuation, you can get started here.
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