12th January 2012

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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