Market Update November 2022

As I am sure you will all know the housing market, both for sales and rentals has been a bit crazy over the past two years and the most common question we get at the minute is "how is the market changing?" so we wanted to drop in an update on how things have changed.

With sales, things have calmed to what we would consider fairly normal for 'pre Christmas' as the winter months tend to be all about staying cosy at home. There is no denying that things will be starting to cool off after the post lockdown madness but it is providing buyers with options to purchase at more reasonable prices.

Things have been quite rocky for those looking to get mortgages, particularly for first time buyers which has had quite a knock on effect but with things looking better the past week or so we are hopeful that everything will even out for the new year and with any luck stay steady for those looking to buy. With mortgage rate increases and, in particular, buy to let rates increasing we have found that the demand from BTL purchasers is slowing down also, but we anticipate this to pick up at the turn of 2023 as mortgage providers get more products out into the market place.

The rental market in Glasgow has been extremely buoyant over the last 3 months, but demand and price rise for vacant properties appears to be levelling off. In my opinion the buoyancy between July and October was due to a massive number of students returning to Glasgow to look for rental properties and squeezing demand. There were reports that Glasgow University were telling students not to come to Glasgow unless they had found a rental property. We were experiencing around 200-300 enquiries per property in this period. Fortunately, this has calmed down now to a more normal level.

We are in the middle of a rent freeze in Scotland, which pertains to all let properties, landlords aren’t permitted to increase the rent on sitting tenants (nothing for vacant properties). This currently ends on March 31^st 2023.

If anyone has any questions, please don’t hesitate to reach out [email protected]

Thanks, Mark & Team