Third Quarter Report 2018
West End Q3 Report
By Chris Breckenridge
As has been the theme for 2018, demand continues to outweigh supply, and the West End has been busier than ever with record sales prices being recorded in our Hyndland Road office.
It would be silly not to touch upon the current economic and political uncertainty on the horizon and of course, there are concerns. However, the market here continues to outperform the rest of Glasgow and long may it continue. Looking at the bigger picture, the property market may have been showing signs of stress in other areas of the UK, but remains remarkably buoyant in Scotland. We find that we are consistently generating sales over home report value and seeing homes going to closing dates, due to buyers competing for the limited available stock.
We have seen a wide range of buyers including, first time buyers with help from the “bank of mum and dad”, down-sizers, up-sizers and what seems to be extremely more prevalent “right-sizers” those that or downsizing but paying a similar amount to their recent sale. This is their final move and the property needs to be right. Outside space and parking are gold dust!
The traditional tenements are forever popular between £200,000-£500,000 and with the introduction of residents permit parking in Hillhead, Partick, Partickhill and Hyndland the appeal has widened even further. There is ongoing maintenance on a lot of the traditional sandstone tenements with full refurbishments bending carried out by the various property managers and going forward, this will vastly improve these wonderful buildings that are some 120+ year old in some cases.
Land Building Transaction Tax (LBTT) while still higher than anywhere else in the UK seems to have been reluctantly accepted by both buyers and sellers in the West End. We’ve have had some phenomenal results at the upper end of the market with 11 sales (and more to come) at £750,000+. Even though your bill on a purchase at £750,000 at 12% comes to £48,350 and at £1,000,000, £78,350 this hasn’t put buyers off.
Chris's Top Tip: We continue to remain extremely positive about the final quarter of the year and would urge anyone considering selling now or indeed into the beginning of next year to speak to us as soon as possible for a free no obligation market appraisal on their home.