House prices in Scotland (Glasgow)

[SikhiTryer]

DH and I have a medium term plan to move to Glasgow. We currently live in England and don’t know much about the market in Scotland.

My understanding is that advertised prices in Scotland are generally “offers over” and the expectation is that things will sell for more than listed. Can anyone tell me about this and in particular how much more things tend to go for, so I can get a realistic view of what sort of thing we can afford. For example I’d love somewhere like this but don’t know whether £300k is what we need or much more than that.
https://www.rightmove.co.uk/properties/152314352

(Obv we won’t be buying this actual flat. Just trying to get my eye in for prices.)

Sorry can't advise on prices just wanted to say I'm so jealous. Love Glasgow and how much I would love to live there 😭 Hope you enjoy your time in that amazing city.

What you really want to find out is the home report valuation. In the West End flats may go 5-20% over the home report.
The problem for you is that you won't know the hot spots and the not so hot.
Look on Rightmove zoopla and ESPC for sold prices in that Tenement building.
Ground floor less popular and first floor generally the most popular.
Avoid unfactored buildings.

Your best bet would be to engage a local solicitor who would be able to advise on current conditions. In the not too distant past it may have been 20% over home report, though today it is probably not as high as that. Under the Scottish system you need a solicitor to note interest and also submit bids if it goes to a closing date.

On a separate note do find out more about buying in a block above commercial premises as not all lenders will
provide a mortgage. I know you said you are not buying this one but lots of flats in Glasgow are above commercial premises.

It's a % over the home report value, not the offers over price. HRV is often around 50k above the offers over price, and where this flat is (West End) property tends to go anything up to 30% over that (probably more like 20% at the moment). So this flat could easily go for around 415k or more if it proves popular and goes to closing.

You also need to consider LBTT - unfortunately our stamp duty is far higher than England above a certain banding, I still find it hard to accept how much lbtt we had to pay for our house! But all the best for the move, Glasgow is such a fab city I had many happy years there.

Also, FYI, Woodlands is a very studenty area. I wouldn't risk buying a flat here to be surrounded by constant parties! There are better parts of the West End if that's where you decide you want to be.

The first few posters have told you everything you need to know. Go through what they’ve said line by line and you will become an expert!

These answers are so helpful, thank you!