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Property Market Update – October 2020

Posted on 14th October 2020 in News

To say things have been buoyant since the housing market in Glasgow reopened on the 29th June would be putting it mildly. The levels of activity witnessed has been quite incredible. Most properties in the West End have been attracting a phenomenal number of viewings within the first week of marketing, and then selling for well in excess of the Home Report value, normally at a closing date.

This level of activity has been a mixture of pent up demand caused by lockdown and many people now craving more indoor and particularly outdoor space. Reports show the number of sales agreed during July and August 2020 was 60% higher than the same period last year and that homes in Glasgow took on average 16 days to sell.

The last few weeks though have certainly seen viewing levels and activity tail off slightly. This is in part due to the confusing local lockdown restrictions placed on Glasgow but largely down to the economic uncertainty we are facing and the looming end to the Job Retention Scheme. The mortgage market has also been a cause for concern and remains challenging at present, as the lenders are changing criteria and minimum deposit requirements.

The months ahead are certainly going to be testing for the Housing Market in Glasgow and the country as a whole. However, I would hope low-interest rates combined with the fact many people will not have spent money on luxury holidays or going out and socialising as much, that we continue to see strong levels of interest from buyers and sellers that may have managed to save some extra pennies.

We’ll be keeping you up to date along the way, making sure you are in the know about any changes to the market as they happen. Keep up to date with all the latest news here.