Has anyone bought a house in Glasgow recently?

Mum5net · 14/04/2022 21:37

Friends sold in June 21 and got 21% over survey valuation and others in August got 22% over. Another friend got flat on market this past week and knocked back an immediate offer of 10% over survey and hopes at closing to get nearer 20%. Forget offers over price- that’s a total red herring. It’s all about the survey price. Good luck
It will definitely slow down soon.

Original poster

MathsFiend · 14/04/2022 21:55

It’s nuts. My budget should be decent, but the competition is insane. Big standard houses in half decent areas now going for well over half a million. And 20-30 people viewing very property. Where are all these people suddenly getting so much money from?

OP posts:

Mum5net · 14/04/2022 22:53

No idea. Can only assume money is being passed from relatives as mortgages increasingly difficult to secure. In both instances with my friends’ houses last year, the highest bidders didn’t need mortgages.
The pandemic has caused more of a divide between the haves and the have nots. It’s v divisive.

Firefightress1 · 14/04/2022 23:21

We have a 3bed semi detached house in westerton near Glasgow west end, we are hoping to relocate to fort william and the surrounding areas up towards skye this year for work.
We were so lucky when we bought and someone contacted us through mumsnet for a private sale. Houses in our area are going to a closing date in a week, we would love to help someone out like we were helped 4 years ago.
Market value is 185k x

Has anyone bought a house in Glasgow recently?

meikyo · 15/04/2022 08:09

We accepted an offer on ours this week 18% above home report value. We had 4 offers, all above HR.

Sturmundcalm · 15/04/2022 08:14

i know someone buying/selling in the west end and i think at the lower (FTB) end of the market it's more like 5-12% over the home report valuation but further up the chain type houses are commonly going for 10-23% over the home report valuation. and they're all going on the market as o/o below valuation so some are going for 25% over the advertised price... i cannot believe that mid-terraces in Scotstoun are really going for over half a million - beggars belief!

AFAIK mortgage valuations aren't then matching the inflated offer, you do need to have pretty much that amount of cash extra.

M0RVEN · 15/04/2022 23:35

@MathsFiend

Can anyone advise me about their experiences with house purchases recently? Prices seem to be going mental with offers above Valuation of £150k! does anyone know whether mortgage valuation aligns to the home buyer’s valuation or whether it is likely to be better aligned to the price paid? It just seems nuts that people are paying so much in excess

The mortgage valuation will be in the home report - it’s nearly always the same as the home report value. So anything you pay over that you will need to fund yourself - from equity or savings.

aquamarine1 · 18/04/2022 09:44

Totally agree re the scotstoun terraces @Sturmundcalm, they're lovely but omg. We looked at a house recently that was offers over 360k and it went for 525k, unbelievable.

Mamabananananana · 23/04/2022 08:22

Ive actually stopped looking OP , too heartbreaking
WHERE are people pulling and extra £20k from?
ive my little sad deposit all saved up, was so proud of myself as i saved it with no help AND paying ridiculous private rent

now im still throwing money away each month as i dont have the extra.
as long as people keep paying over-itll never slow ot stop
😫

HugsAlwaysAvailable · 23/04/2022 08:29

We paid around 12% over home report a year ago, but that's a town outside Glasgow, still a G postcode area. It came from equity from our flat we were selling, and the market has continued to increase since. It's shit, and it just can't keep going up, it must start to slow down soon.

Firefightress1 · 31/05/2022 23:54

Our 3 bed in higher knightswood Is about to go on the market. Much cheaper than the west end with a huge garden, driveway parking for 2 cars and 5mins from anniesland cross and near westerton Station. Gutted to leave but we are relocating x

OllyBJolly · 07/06/2022 22:14

Sturmundcalm · 15/04/2022 08:14

i know someone buying/selling in the west end and i think at the lower (FTB) end of the market it's more like 5-12% over the home report valuation but further up the chain type houses are commonly going for 10-23% over the home report valuation. and they're all going on the market as o/o below valuation so some are going for 25% over the advertised price... i cannot believe that mid-terraces in Scotstoun are really going for over half a million - beggars belief!

AFAIK mortgage valuations aren't then matching the inflated offer, you do need to have pretty much that amount of cash extra.

my mother was from Scotstoun and most of her family remained there (mainly tenement flats in Dumbarton Road). I thought the Scotstoun terraces were the best houses in the world - lovely gardens and so close to the Victoria Park.

When I was older, I had a friend who lived in one (Lime St?). Good heavens - they are gorgeous inside! I can see why they are so popular. Very close to the extortionate West End, great local transport but also very green and bucolic. If I was ever to move back to Glasgow a Scotstoun terrace would be my dream home.