‘The months ahead will be testing for the housing market’

Housing and property. Tenements
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To say things have been buoyant since the housing market reopened on June 29 would be putting it mildly. The levels of activity witnessed has been quite incredible. 

Most properties in the West End have been attracting a phenomenal number of viewings within the first week of marketing, and then selling for well in excess of the Home Report value, normally at a closing date.

Barry Walker (right) and co-director Stuart Wylie.

This level of activity has been a mixture of pent up demand caused by lockdown and many people now craving more indoor and particularly outdoor space. 

Reports show the number of sales agreed during July and August 2020 was 60% higher than the same period last year and that homes in Glasgow took on average 16 days to sell. 

The last few weeks, though, have certainly seen viewing levels and activity tail off slightly. 

This is in part due to the confusing local lockdown restrictions placed on Glasgow but largely down to the economic uncertainty we are facing and the looming end to the Job Retention Scheme. 

‘Reports show the number of sales agreed during July and August 2020 was 60% higher than the same period last year and that homes in Glasgow took on average 16 days to sell’

Barry Walker

The mortgage market has also been a cause for concern and remains challenging at present, as the lenders are changing criteria and minimum deposit requirements. 

The months ahead are certainly going to be testing for the Housing Market and the country as a whole. 

However, I would hope low interest rates combined with the fact many people will not have spent money on luxury holidays or going out and socialising as much, that we continue to see strong levels of interest from buyers and sellers that may have managed to save some extra pennies.

  • Barry Walker is a director at Walker Wylie estate agents. You can find them at 148 Woodlands Road or at www.walkerwylie.co.uk. This column first appeared in our weekly newsletter ‘My Glasgow West End’. You can subscribe by hitting the button at the top of the page.
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