Thinking of buying a home in Glasgow? You might want to think carefully about where you choose, as new data reveals that homes in the city’s desirable southside are commanding prices 25% higher than the city average.
Savills estate agents, using data from MyHousePrice.com, have revealed that the average property price in the southside postcodes (G41, G42, G43, G44, and G5) reached a staggering £219,000 between July 2023 and June 2024. That’s almost £42,000 more than the overall Glasgow average of £177,000.
Buyers Priced Out of “Offers Over” Market
This rise in demand is seeing many buyers priced out of the traditional “offers over” market, where properties often sell for significantly more than their asking price. This has led to growing frustration among house-hunters, with almost 60% of Scots surveyed by Westpoint Homes admitting they felt priced out of the current market.
New-Build Homes Offer Fixed-Price Alternative
As a result, many buyers are turning to new-build properties as a solution. Caryl Speirs, sales manager at Westpoint Homes, explains, “The southside of Glasgow continues to be the most popular part of the city for people looking for new homes, and consequently many are finding themselves disappointed as traditional properties sell for as much as 20% over home report value.”
New-build homes offer the security of a fixed price, meaning buyers know exactly what they will pay from the outset. Speirs adds, “We have received an increasing number of enquiries from house hunters becoming disillusioned with that process, as fixed price means they can guarantee a property without having to go through the pain of the ‘offers over’ lottery.”
New-Build Appeal Extends Beyond Price
Beyond the fixed price, new-build homes offer other attractive features, such as improved energy efficiency, which is a major consideration in the current climate.
The research also revealed that 40% of potential buyers would consider avoiding older properties altogether due to the likelihood of being dragged into a bidding war. This suggests that the trend for new-build homes in sought-after areas like Glasgow’s southside is likely to continue.