Scotland has the most efficient housing market in the UK with higher premiums and faster selling times than any other part of the country including traditional hotspots like London and the south-east, according to the latest House Price Index.
Glasgow is singled out for the exceptional performance of its housing market. Properties in the city are selling for up to 7% over the asking price and a quicker rate than any other UK city, the report reveals.
While many cities south of the border appear to be suffering the effects of Brexit uncertainty - with some extending discounts of up to 8% of property values – Scotland’s biggest city remains in a robust position.
Gregor Cope, Director of Scottish Property Centre Shawlands, said there has not been a better time to sell your property since before 2008.
“While there is polarisation in market conditions north and south of the border, set by underlying market fundamentals, Scotland and particularly Glasgow remains in a very strong position.
“Brexit uncertainty undoubtedly accounts for lower activity in some areas and a political resolution would help to address this.
“However, the strength of the Glasgow market is largely down to affordability fuelled by a healthy economy supporting a high demand for homes, reasonable sales periods and a greater willingness among buyers to pay over the asking price.”
The average time to sell a property across UK cities has reached a high of 12 weeks, up from 8 weeks in 2016. Discounts to asking price have grown from 2.2% in 2016 to 3.8%.
There is a wide variation in these averages at city level, with southern cities showing an average time to sell of 10+ weeks. Strong market conditions can be seen in seven English cities, with continued weakness in London, Oxford and Aberdeen.
For more information on property market activity in your area call your local Scottish Property Centre branch or visit www.scottishpropertycentre.net