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Original poster

Property market in Glasgow

14 replies

StripeyFox · 23/10/2020 13:28

I wonder if anyone here has much insight into the property market in Glasgow just now. The market seems to have gone pretty mad following the lockdown and property market reopening. I'm looking at houses with 3 bedrooms plus and the fact they are all selling so fast (in Glasgow Southside) is making me wonder how much over home report value things are actually selling for? Pre Covid i got the impression these properties were selling up to 10% over HR value, does anyone have any insight to the current market? Sold prices don't appear to be getting published as quickly as usual just now for me to nosy at! Basically, I'm trying to work out if I stand a chance of getting any of the houses I'm considering just now.

OP posts:
readsalotgirl63 · 23/10/2020 13:35

DD bought a 2 bed flat in the west end for valuation just after lockdown eased. She'd seen it online just before lockdown started and managed to arrange a viewing the day after viewings could start at end of June and offered.
A friend of hers has just bought a 2 bed flat around the corner from dd -offered £3k under valuation and was accepted .

MissPollyPops · 23/10/2020 22:31

I know someone who is trying to buy their first flat. They're offered quite a bit over the home report on a few places and been out-bid..

Pearl63 · 24/10/2020 17:44

The Glasgow property market has been nuts for the last year or so, my daughter put an offer in on a flat in Merchant City last year and at closing although she had offered 24k over asking (1 bedroom ) her bid was no 9 of 12 it must have went for around 190k, she put an offer on a much better one same area 2 weeks later and was the only bidder (put her bid in as soon as it came on the market ) and got it for 1k under valuation one of her neighbours has now gone on the market for offers of 25k more than she got hers for and that is offers over they are looking for around £50k more than she paid for hers !!

RaspberryCoulis · 24/10/2020 18:52

We are in East Dunbartonshire and things are selling very, very quickly.

BlueThursday · 24/10/2020 19:49

Yup here in EDC it’s crazy. Mostly due to closing the border on placing requests

Nighttimenope · 24/10/2020 19:54

We’ve put in two healthy bids in an un-sought after area recently- one bid was 15 percent over HR, and the other about 23%. House 1 had 6 bids within the week and sold at 20% over HR, house 2 had 20 bids and sold at 35% over HR!! DH is having to accept working in our tiny bedroom for the foreseeable Sad

frenchtoast88 · 24/10/2020 20:01

I think things are slowing a bit due to 85% mortgages being the best on offer just now. Two examples:
A friend (almost) sold her house 2 months ago, HR £170k, accepted £190k. Then it fell through at the last second further down the chain and the best she can get now is £176k. 3 bed house.

Another friend offered on a 2 bed flat, HR £180k. Got laughed out of the estate agent with her offer of £192k so didn't formalise offer at closing then had them calling her back after closing date didn't go to plan and her offer was actually best.

I would get cheeky(ish) offers in there. You never know what might stick!

Crinklyoldhag · 24/10/2020 20:06

Loads of young families are selling up smaller properties and moving in with parents so they can pounce as soon as something comes on the market. Alongside schools in desirable areas closing down the catchments it’s pushing prices right up & out of the price range of many locals there are loads of people moving to my town from england who can afford to pay 20%+ over the home report price. It’s a bit crap as property will crash when furlough ends and brexit hits.

Original poster
StripeyFox · 26/10/2020 10:45

Thanks for all the information! It confirms what I was thinking about quite how bonkers things are just now, but I guess it's always so variabl by area/property etc. It seems so volatile just now it really doesn't seem the most sensible time to buy, but unfortunately we've ended up in a situation that we have to move. I think we are going to put an offer in 17% above home report and just hope for the best..

OP posts:
Original poster
StripeyFox · 26/10/2020 10:48

@Nighttimenope

We’ve put in two healthy bids in an un-sought after area recently- one bid was 15 percent over HR, and the other about 23%. House 1 had 6 bids within the week and sold at 20% over HR, house 2 had 20 bids and sold at 35% over HR!! DH is having to accept working in our tiny bedroom for the foreseeable Sad
Wow, this is mad - especially if not in a sought after area. If you don't mind saying, was this in Glasgow, or neighbouring local authority? I hope you have an offer accepted soon!
OP posts:
prettybird · 26/10/2020 11:12

I get the impression that things are slowing down a bit now that the initial flurry of pent-up demand following full lockdown has worked its way through the system. But it is still quite heated.

Nighttimenope · 26/10/2020 12:45

Don’t mind at all! Both houses were in Springboig! They were totally lovely, and both had extension scope plus outside space, which answers somewhat for the demand.

Original poster
StripeyFox · 27/10/2020 19:14

Feeling pretty deflated because the place we like has got 15 notes of interest. We really don't stand a chance!

OP posts:
Nighttimenope · 27/10/2020 22:42

I can very much relate. But, saying that, you don’t know til you know! Has it been on the market long? Can you afford to go a bit above home report? Someone has to be first ☺️

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