What's going on with the housing market (particularly Glasgow)?

[purplespink]

DH and I looking at a property valued at £220000 on Saturday. What would be a 'normal' offer on a property with that value in the current market? Outskirts of Glasgow, mainly 1's on home report, all very good condition. Thank you ☺️

Hi,

Whereabouts on the outskirts?

There are not really any hard or fast rules at the moment, people will tell you it’s normal that houses are going for 10-20% over HR but that’s really not what I’m seeing day to day.

There are a few areas where large offers are still being made but there are also loads of places where houses are going for under HR.

There are so many factors that without knowing more I couldn’t really say.

@Meeplemakeglasgow Hi, thank you so much for your reply it's in South Lanarkshire, literally down the road from Glasgow Borders, near Parkhead. It's so hard isn't it, when we offered about 2 years ago (east end of Glasgow), we offered about £40k over value and was accepted (didn't go through in the end), with our current property, we offered the value it is and got it last year.

I don’t think south Lanarkshire is quite as competitive as other areas. Maybe go 10% over if you can afford it?

I wouldn't go over in that area. Don't think it's hugely popular.

Where in south Lanarkshire is near Parkhead? Depending on the town in South Lanarkshire will depend how much you should offer.

What's on the home report?

@Anothernamechane the home report value is £220,000. Offers over £199,000. All 1's apart from 3 2's.

At this time of the year and with the uncertainty around interest rates I'd offer HR value it's not likely to go over by much if they reject it, it's worth a shot.

Is it going to a closing date ? If so ask how many notes of interest they have so far.

Look on SCOTlis for Similar properties that have sold recently.

Tell this info to your solicitor and ask for their advice.

It's not a hugely desirable area so probably not very much over if at all.

I'd you haven't got a solicitor yet hire one that's local to the area as they will be able to give you advice on what's happening in the local market.

Thanks all, we're going today to see it

@purplespink No problem, hope your viewing went well.

Again it depends on what kind of house/where the house is.

Don’t listen to people who are saying it’s not a desirable area, there are loads of pockets on the South Lan/Glasgow border that are competitive.

Parts of Cambuslang and Burnside are actually some of the most desirable parts of the city.

In general though, don’t offer more than HR if you are the only bidder.

Often in that situation the seller will either accept or negotiate a few percent more.

@Meeplemakeglasgow it was actually rescheduled because of the weather. The property actually is in one of those areas and we're not the only viewers arranged 😬

@purplespink Probably for the best, would have been difficult to make much of a judgement yesterday.

So Cambuslang is a funny place as far as house purchases go, if it is one of the newer estates ( e.g Newton Farm) then I wouldn’t bid much above HR (if any).

Nothing wrong with the houses, same standards as everywhere else but the fact there is no shortage of them and building is ongoing is keeping demand/prices down.

Some estates sell better than others, I can’t recall the name of the estate now but there’s one near an electrical substation/lots of pylons that are more difficult to sell because of perceived safety concerns.

The older parts of Cambuslang again are quite mixed, some good value 60’s/70’s houses and ex-LA ones that you could find a bargain on.

The area uphill from the Town Centre where the sandstone houses are is where you’re most likely to get into bidding wars, always been competitive and a huge demand.

As you move into Burnside this stays much the same, however there are a lot of houses that need renovation come up frequently here so it is possible to avoid closing dates if you choose wisely.

Good luck!