Stable prices but faster selling times, GSPC reports for latest quarter

Average house prices in the latest quarter are almost unchanged on a year ago, but selling times have markedly improved, according to Glasgow Solicitors Property Centre.

In its report for the July-September quarter of 2015, GSPC records a slight fall of 0.4% in the average price paid compared with Q3 of 2014, from £126,853 to £126,400. However the average time on the market in the west of Scotland has fallen over the same period from 91 days to 77, or 15.4%. Within Glasgow the fall is more marked, to 66 days, or 27.5% less time to sell.

The variation between asking prices and selling prices in the west of Scotland also remained stable with successful property bids averaging 2.5% over the asking price.

Average prices over the past 12 months dipped to £122,829 in Q4 of 2014, but peaked at £127,040 in Q2 of 2015.

Austin Lafferty, director of GSPC, commented: “It would seem there has not been much change between Q2 and Q3 2015, which increases confidence in the ongoing stability of the property market in the west.

“It is heartening also to note the sharp decrease in selling times for properties, particularly in the Glasgow area, over the past 12 months.”

Professor Gwilym Pryce from Sheffield University, who analysed the GSPC’s sales data, added: “Overall, the housing market has remained relatively stable over the past year. While there are certainly no signs from the GSPC data of the kind of overheating reported in the in London and the south east, the fact that houses are selling more quickly means that for households in Glasgow wanting to move, it remains a good time to sell.”