Glasgow Property Ladder – Staying Put or Moving On

06 May 2016

We are now reaching the end of the first quarter of 2015 and it certainly has been a very busy start to the year. Every day I am asked what is happening with the market and are houses prices going to continue to increase. I guess the simple answer is we do not know but if demand continues to grow and supply does not pick up then there is going to be competition and with that higher prices.

With the lower end of the market now moving and with second steppers looking to make the jump to that ‘family home’ the market should continue to grow, however experts have warned of a broken rung in the Scottish housing market as more older ‘empty nesters’ decide to stay put rather than downsizing. Recent figures report that less than one in ten over 55s plan to sell to move to a smaller home whilst the rest are happy to stay put. This will impact the rest of the market as fewer family homes will be available and second steppers may then decide to extend their homes rather than compete for those few properties.

Living in East Dunbartonshire I have been following the market closely, it is clear that this is the case. I am currently selling my home and have been looking for my new home that I plan to bring my children up in (my forever home). At the start of the year and up to the end of February there seemed to be a good number of new homes coming to the market but unfortunately we were not ready. This influx of homes to the market may have been due to the change in stamp duty and with people wanting to purchase before the change (1st April 2015).

Once I was ready I marketed at the start of March and was lucky to find a buyer quickly which is great news however my next worry was where would we move too? We had seen a property that we liked but just as we were about to offer there was other interest and a closing date was set! After a couple of sleepless nights and with a lot of conversations with my husband and solicitor we decided to put our best foot forward and offer what we thought was a good price. After waiting for a response from the sellers we eventually got the good news that our offer had been accepted, obviously we were delighted!

This brings me to the point that if there is a glass ceiling with fewer family homes coming to the market are we going to see an increase of closing dates being set and this again being the norm? We would be really interested to hear from you as a buyer or seller on your thoughts on the pros and cons of closing dates and if they would have a negative impact on your decision on offering.