Update on Glasgow Property Market26 Oct 2020
Glasgow Sales Market Update
The roller coaster ride of the last couple of months (since Lockdown restrictions were lifted in June) is appearing to slow. We have seen the number of enquiries, viewings, offers and properties coming to the market drop over the last couple of weeks most likely due to the uncertainty of what further controls are implemented over the coming weeks. This is coupled with fewer mortgage products on offer and with higher deposits needed. Don’t let that stop you though, it just takes a bit more work!
There is however still demand for quality homes in good areas along with investment properties in and around the town centres. We are finding properties that have been refurbished usually attract the most interest and are seeing good prices being achieved which is encouraging. There are still many buyers reassessing their priorities (needing an extra room to work from, a garden etc etc) and are focussed on moving before Christmas! With the Land and Building Transaction Tax holiday continuing until 31st March 2021 there will be continued demand so now could be the time to market your home and move. And with other traditional investments more limited, property still offers a solid good return.
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Glasgow Rental Market Update
We are 6 months on since Covid really hit hard and despite huge uncertainty in the market, things remain buoyant in the rental market. We have seen crazy busy times in May , June, July and since then the market seems to have settled a little. I thought we might see a fall in demand because the city has a fairly big proportion of student targeted property which impacts the supply across the whole rental market – and although numbers are reduced, we have not seen any impact on demand for good quality rental property in accessible locations. The demand continues to outstrip supply.
Rents have stayed fairly steady – with no big changes in any location. Rental arrears have been a big concern but at this stage, we have not seen any major pattern emerging. The landlords who offered rent reductions, or holidays when requested back in full lockdown – are generally finding tenants are now back on an even keel – or those properties which became empty after tenants perhaps chose to move and lockdown “at home” are now re-rented.
We are conscious that there is potential for increased rent arrears – given the high probability of job losses following the end of furlough scheme – but we have found that in most cases when a tenant can’t afford a property any longer- they tend to give notice to vacate. We do expect there to be more rent funded or partially funded by Housing Benefit.
Buy to Let Investment in the city continues to be popular with investors keen to take advantage of the relatively low purchase prices on offer – and returns are staying solid. Despite the huge reduction in daily footfall into the city centre itself with many still working from home, property close to the city centre remains super popular.