The East End of Glasgow appears to be an increasingly attractive destination for first time buyers, according to the latest quarterly market report from GSPC, with the average selling price of two bedroom flats in the area increasing by 19.4% over the last three months.
Denistoun in particular is seeing an influx of first time buyers, and a shortage of new listings in the area means flats are selling quickly and at prices above the home report valuation.
Price rises across Glasgow as a whole have been more modest however, with average prices increasing by 3.2% over the three months. Across the wider west central Scotland area, prices have risen by 5.9% on average, and properties are apparently selling 11.6% faster than they did at the same point last year, with the median selling time falling from 33 days to 29 days.
“Properties in Glasgow and west central Scotland are continuing to be in high demand, with market conditions remaining consistent with the overall trend of fewer properties being available for sale, and as a result faster selling times for particularly desirable areas,” commented a GSPC spokesperson.
“The East End is proving to be the new property hot spot for first time buyers, while good family homes in East Renfrewshire and North Lanarkshire are also selling well, partly due to a short supply of these entire homes,” he added. “However due to this sellers’ market, now could be a good time for bringing your home to market.”
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