What a year of recovery. After lockdown restrictions in 2020 severely impacted the UK housing market, 2021 became the ultimate comeback year. Record sale prices and extraordinary volume of sales made it the strongest year since 2007, with total sales set to reach a staggering £437bn as this year draws to a close.
Within the highly competitive Scottish housing market, the 2021 property boom has been evident across every region. In Scotland, the average house price has increased by 8.5% in the past 12 months fuelled by low-interest rates and buyer demand.
Industry experts Zoopla predict that house prices will slow to 3% in 2022, but the Scottish market is set to continue to do well. In Glasgow, with demand still outstripping supply, a healthy housing market is likely to continue.
From August to October 2021, the average selling price in Greater Glasgow was £365,748 according to the ESPC. The median selling time was down too, with the average property selling in just 15 days and properties going for, on average, a staggering 241% of Home Report achieved.
Two-bedroom properties were in the highest demand, with flats selling for an average of £164,833 according to current Zoopla estimates. Overall, Glasgow has enjoyed an increase in properties prices of 2.83% compared with 12 months ago.
With the Scottish property market conditions looking positive, it’s always worth being prepared as a seller or a buyer. Getting a Home Report early is the ideal way to prepare and avoid any sudden surprises. Read our expert guide to learn more about Home Reports and what documents are included.