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DJ Alexander has opened a new office at 303 Byres Road in Glasgow, which can accommodate up to 20 members of staff.
The estate agency says that the Glasgow sales market remains buoyant despite the recent mortgage rate increases, and concerns over the wider UK economy.
The company reports that the number of properties advertised for sale in Glasgow is up 100% year-on-year increasing from 1182 in January 2022 to 2364 in January 2023. The latest official data shows that the average percentage increase over the 12-month period up to October 2022 was 7.5% which was almost identical to the Scottish national figure of 7.4%.
The largest average price increases were in detached, semi-detached, and terraced properties and this trend for homes with outside space matches the experience of the rest of Scotland. Average prices for detached properties in Glasgow increased by 12.1% in the 12-month period to the end of October and has now reached £473,422. For semi-detached properties, the increase was 10.4% to £260,450; for terraced properties, the rise was 10.9% to £222,640; and for flats average prices rose 5.9% to £146,436.
Catherine Bruce, sales and lettings director of the new outlet, said: “Despite the difficult economic landscape across the UK, last year property prices in the greater Glasgow area continued to see progress due to demand outstripping supply. Glasgow essentially provides good quality accommodation at an affordable price, thus attracting a broad range of people including first time buyers, home movers, and buy-to-let investors seeking strong rental yields.”
New business director, Conor McNulty, added: “Glasgow’s West End continues to be where the bulk of our buyers want to be, particularly in areas such as Dowanhill, Hyndland, and Hillhead. Many first-time buyers are attracted to Finnieston, Dennistoun, and Shawlands as they seek better value for money and are drawn to the thriving cafes, bars, and restaurants that can be found on Argyle Street, Duke Street, and Pollokshaws Road. Furthermore, many property investors will also target these areas, along with the Merchant City and North Kelvinside as they aim to acquire good quality properties in popular locations that can provide strong rental yields and long-term capital growth.”
“There are many locations within the Greater Glasgow area that have provided fantastic capital growth over the last couple of years, particularly addresses fringing the West End, such as Finnieston, Yorkhill, and Anniesland. In addition, Dennistoun to the east of the city has experienced tremendous increases in property values with many buyers attracted to Glasgow’s iconic tenement flats with high ceilings, feature bay windows, and spacious accommodation.”
The new DJ Alexander office in Glasgow is hosting an open day on January 19th between 10am-3pm where the staff will be happy to welcome anyone wishing to come in and discuss their property needs.
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