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Sales up, prices down in Glasgow

The price of houses in Glasgow and west central Scotland has fallen in the past three months, and now stands 4.9% lower than this time last year, according to new figures from the GSPC.

The average house price has dropped from around £121,000 in 2012, to £115,000, and this, says the GSPC, is pretty much where it was in early 2005.

Nevertheless, the property centre is optimistic, pointing to an increase in the number of sales (up by 6.5% over the past ten weeks) and a decrease in the length of time it is taking to sell a house (this has dropped by a quarter on the same period in 2012).

According to the GSPC’s Mark Hordern, “the combination of lower prices and faster sales suggest that sellers have come to terms with the new market realities and are now determined to move, even if it means accepting a lower price for their home than they had originally hoped for.”

Writing in the GSPC blog, he reveals that the centre has seen a number of closing dates recently, and highlights anecdotal evidence that buyers now seem more ready to commit.

“Although the headline figures on selling prices look weak, there is growing evidence of an underlying improvement in market conditions,” he says.