First-time buyers are fuelling a surge in Glasgow’s property market, according to a West End-based firm of estate agents.
Walker Wylie is reporting a major bounce in activity since the industry emerged out of lockdown.
Viewings are up and offers above Home Report valuations are “eye-watering” in some cases, according to the firm.
And it seems many young people with the help of ‘the bank of mum and dad’ are doing what they can to secure a home.
The busy market comes at a time when the young estate agency has made its own move onto the high street.
It has new premises at 148 Woodlands Road in the West End which are open and welcoming customers.
A new member of staff, sales negotiator Tanya Naddell, is also helping with the workload.
Director Barry Walker said: “Ever since we came back from lockdown we have seen a pent-up demand and bounce effect.
“First time buyers seem to be very, very active possibly because they have been locked down for four or five months with parents, in confined spaces.
“And people are definitely getting help from the bank of mum and dad.”
He said a lot of people who had flats during lockdown were looking to buy properties with a garden to get some outdoor space.
“We are seeing people who were cooped up after lockdown.
“More people are looking to have a back door and a front door.
“But probably the main thing that is causing a bounce is a lack of stock, with not enough properties coming on to the market.
“Some of the prices at the moment are eye-watering.
“There are people who are missing out on three or four properties who just throw everything at the next property they go to.
“We are seeing people offering £30,000, £40,000 even £50,000 over Home Report value.
“Many properties are seeing minimum 25 viewings, and some as high as 50 viewings.
‘Ever since we came back from lockdown we have seen a pent-up demand and bounce effect.
‘First time buyers seem to be very, very active possibly because they have been locked down for four or five months with parents, in confined spaces.
‘And people are definitely getting help from the bank of mum and dad’
“A lot of properties are selling without going to closing date.
“We have not seen the market like this since the years just before the crash in 2008.”
No-one is sure how long the bounce effect will last, but everyone expects there to be a sizeable readjustment given the economic climate.
Barry said commentaries during lockdown had spoken of price falls of between eight and 15%.
“That might materialise, personally I don’t think it’s going to be as bad as 15%,” he said.
“I think areas like the West End will always absorb things a lot better than other areas.
“I don’t think we will see prices being that affected here but the buyer activity will certainly dwindle and will not be as crazy as it is.”
The new office has been a natural move for a growing company with ambitions.
Barry said: “When we first started up we weren’t convinced that we needed the big, high street presence.
“But the business has grown and we have got to the stage where we needed that mix.
“Tanya is a really important new member of the team for us, and we hope to bring more people onboard in the future.”
Barry and Stuart have extensive experience of the Glasgow property market.
Stuart said: “Walker Wylie works to a fixed price model, so you know exactly what you will pay at the outset.
“Every Walker Wylie client feels the difference in customer care as we work tirelessly by their side through every step of the journey, from first valuation to final offer acceptance.”
* Walker Wylie estate agents can be found at 148 Woodlands Road and at www.walkerwylie.co.uk. Telephone: 0141 404 1333.