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Glasgow property market 'getting stronger'

ESTATE agents say the property market in Scotland's largest city is beginning to strengthen, with a rise in the number of homes being bought and sold during the past 12 months.

New figures show that the number of people registering to buy property in Glasgow has risen by 36% since January 2013, while total transactions are 27% higher than this time last year.

A report by Allen & Harris also found that momentum being felt throughout the property market is driving a rise in house prices, with the value of the average property increasing by 4% during the last year to £110,210.

Stuart Ferguson, area director at Allen & Harris, said: "The property market in Glasgow is certainly strengthening, with prices up 4% annually and the number of sales transactions 27% higher than this time last year.

"A combination of improving economic conditions and attractive mortgage products is creating a new wave of would-be buyers, who are the driving force behind the heightened activity levels.

"The number of new buyers registering is up 36% annually and growing at six times the rate of new property instructions. As a result, there are now seven new buyers competing for every new instruction and if this imbalance between demand and supply continues into 2014 then property prices will remain on an upward trajectory."

He added that the market should continue to improve as the spotlight falls on Glasgow this year thanks to the Commonwealth Games.

Figures also showed UK property prices overall have risen by 15% annually, with a jump of 2% between this month and December last year. The growth in values is being fuelled by more readily available mortgage financing as banks ease their grip on the purse strings.

Scotland's Homes: Page XX

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