There will certainly be challenges ahead for the Glasgow West End property market in 2023; the effects of which I believe won’t be experienced until later in the year. The best we can hope for is that the market remains steady, but recently it has been built on a lack of supply, low interest rates and demand for additional space; factors which have now changed. With this in mind, I anticipate that the market will slow.
I predict that in 2023 we will see a softening of prices throughout the West End, however, by only a small margin. Low stock levels of property combined with buyer demand will maintain buyer competition throughout the year. While the general predictions are for a decrease in property prices throughout 2023, I suspect that this will be prominent at the lower end of the market, rather than the mid to upper end.
For some time, it was normal to receive offers in the range of 25 -30% over Home Report valuation. I predict that the new norm will be a lesser 10-15%. This isn’t a reflection on the market values decreasing however, and is instead due to an increase in Home Report valuations over the past few months, to reflect the most recent sales prices.
I anticipate that I will see the strongest sales within Quarter 1 and Quarter 2 of 2023, which leads me on to the question I’m often asked by my clients – “Should I sell now, or wait?”. It’s my recommendation that if you’re looking to get the very highest price for your property, selling sooner rather than later will achieve this.
Registered buyers for November and December always provide me with a reliable indication of how the first quarter of the year will turn out, and based on this alone, Quarter 1 of 2023 is looking very promising indeed. Over the last 45 days, we’ve registered more buyers across all price points than ever before. These buyers have explained to me personally that their proactiveness stems from two factors. Firstly, the window closing on the agreed rates for their mortgages that they have locked-in, therefore causing them to work to a deadline. Secondly, they have very specific requirements of what they’re looking for in their next property, which they wish to secure by working closely with a local and dependable Estate Agent, who also has access to properties not advertised on the open market.
To conclude, there are a number of people and news outlets painting the property market picture in a negative light. While there may be some challenges ahead, it’s important to bear in mind that the West End of Glasgow is a micro climate which is much more resilient to outside economic factors than other parts of the city.
As the market becomes more buyer-friendly, the key to securing the very highest sale price is exactly the same as it has always been, and it all comes down to finding the right buyer. I use a specific process to ensure my clients secure the right buyer for their home at the highest price; a process which has helped me to achieve some great results over the last few years, and on some occasions, a record price for the street.
I’m proud to say that over the years I’ve become a leading and highly (Google) rated Estate Agent within Glasgow’s West End, and I get to know the majority of my clients through word-of-mouth referrals. This is a result of working diligently to secure my sellers the highest possible price, and find my buyers their dream home, all while providing a personalised and single point of contact service.
If you’d like to discuss the future market in more detail, or for an up-to-date valuation on your home, please do get in touch.
Ross Yates
