While spring is finally making a shy appearance in our neck of the woods, it’s all good news and sunshine for homeowners in the Greater Glasgow area. Lots of buyers are looking for their dream home currently, which makes it the ideal context for selling. With affordable mortgages and good approval rates, it is an ideal time for aspiring buyers to look for the next opportunity.
According to recent trend reports, mortgage lending for first-time buyers, home movers and remortgages increased in February 2018 compared to the previous year, with the total homeowner purchases, which combine both home movers and first-time buyers, reaching 50,000 across the UK, at the highest level for February since 2007. (source)
In Scotland, as reported by RICS (Royal Institution of Chartered Surveyors) in their latest UK Residential Market Survey, the demand is fueling competition amongst buyers and as a consequence is driving prices upwards with the average price increase of property (6.2% in February 2018 compared to last year) outpacing the average UK rates (4.4% on the previous year).
Which means that most likely if you are selling this spring you will achieve a good price on your property, as we see many of our clients’ homes going to closing dates and selling above Home Report values.
RICS expect property prices as well as the number of sales to continue to rise not only over the next three months but also for the entire rest of the year.
If you are looking into helping children or other family members step up the property ladder, you should also read this recent blog post guiding you through the various options for raising the required deposit.
The Mortgage Hub is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right first time buyer mortgage, or are looking to re-mortgage due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.