Property price hike for Govanhill as demand for homes in the area surges

04/06/2019 11:03:23

Despite boasting an admirable range of amenities and neighbouring some of Glasgow’s most desirable enclaves, Govanhill has suffered from a recent dip in popularity.

Now the area is on the up again with demand surging for properties as homebuyers fall, once again, for the area’s heady mix of buzzing bars and restaurants, great transport links and proximity to the city centre.

Property prices in the area have also recovered in recent months with the value of some reaching record levels.

The growing popularity of Victoria Road and Strathbungo are driving most of the surge as first-time buyers and young professionals see it as a less costly alternative to living in the west end.

As ever, there are caveats to buying in the area and emphasis among buyers of flats is placed on the condition of communal areas, including the close.

Demand and property prices can vary within neighbourhoods, even between streets and so local knowledge is essential.

We were first alerted to the changing market when we were asked to sell a flat in Inglefield Street which we sold to the current owner in December 2016 for £75,200, with a Home Report value of £75,000.

The owner was then relocating abroad, and she came back to us to sell it for her last September. After putting it on the market, it attracted 21 viewings and five offers at a closing, selling for £88,500, well over the £80,000 Home Report value. This was despite making no improvements to the property during her time in the flat.

While the surveyor could increase the Home Report value by only £5,000 in the space of 19 months, the owner made a £13,000 profit on the sale due to the increased levels of interest and competition between buyers.

Other recent sales we have achieved in Govanhill include:

  • A one bedroom flat in Bowman St marketed at £79,000 with a Home Report value of £85,000. After receiving 34 viewings in one week and 10 offers at closing, it sold for more than 30% over Home Report value.
  • A property in Daisy St which we marketed for offers over £79,000 and sold for £105,000 - £20,000 over the Home Report value of £85,000 – after receiving 44 viewings in nine days and 15 offers at closing.
  • A two-bedroom flat in Westmoreland St that sold for £97,000, – £12,000 over the Home Report value – after being marketed for offers over £79,000 and achieving 43 viewings in 11 days and seven offers at closing.
  • Another property in Bowman St – which attracted 26 viewings in just three days and eight offers at closing, selling for £95,000 - £26,000 over the asking price.

Craig Smith, Director of Scottish Property Centre Shawlands, said: “As one of the most pro-active estate agents in the area, we’re encouraged by recent property sales activity in Govanhill.

“With sale prices in neighbouring Shawlands, Strathbungo, Langside and Battlefield all reaching record levels, we’re seeing an influx of first-time buyers turning to Govanhill.”

Despite the recent surge in sales, buyers can still find great bargains in the area with large, one-bedroom tenement flats with a dining-kitchen in good condition selling for between £85,000 and £100,000. Similar properties in Shawlands routinely cost more than £150,000.

Mr Smith said: “It’s crucial that the close and shared garden is in good condition and well looked after. Unfortunately, there are still some well-documented issues in the area and, if the communal areas are clearly not well looked after within a building, it impacts on the value and tends to rule out first-time buyers being interested.” 

 

For more information about properties for sale in Govanhill or if you have a home in the area and you’re considering selling, call Scottish Property Centre Shawlands on  0141 649 7979 or email shawlands@scottishpropertycentre.net

Property Alerts

Get notified about latest hot properties!