NEW research shows the housing market in the West End of Glasgow is outperforming the UK as a whole.
Estate agents Savills says prices are set to increase by almost 19 per cent over the next five years compared to an average of just over 14 percent across the rest of Scotland and 17 per cent across the UK as a whole.
And with demand outstripping supply, buyers looking to locate to the trendy area are instead snapping up properties in neighbouring postcodes.
According to the agency, there were almost 4,000 property transactions in Broomhill, Partick, Hillhead, Dowanhill, Hyndland, Jordanhill, Botanics, Kelvinside, Park and Claythorn with average prices of £235,000 compared with £169,400 across the rest of Scotland.
Local Savills associate director Chris Breckenridge said prices are on the up with buyers keen to have a property in the prime residential area close to jobs, schools, bars, restaurants, parks and museums.
Those who cannot afford the high prices in the traditional West End are opting instead for the neighbouring communities of Finnieston, Partickhill and Broomhill.
Mr Breckenridge said: “Whether you are a young professional, a downsizer or looking to buy a million pound townhouse, West End properties are very much in demand right now.
“The majority are generating competitive bids, with 60 per cent of sale reaching more than the home report valuation and prices continuing to rise.
s consumer confidence returns, the West End is expanding and up and coming areas like Finnieston with its many lively bars and restaurants, has in effect become an extension to the Glasgow’s trendy West End.”
Faisal Choudhry, head of residential research for Savills, said the market is being driven by high demand and restricted supply and is also being boosted by low mortgage rates and gradual economic growth.
The estate agent has also identified a significant undersupply of new build properties. It says house hunters are demanding high specifications, well designed new build apartments and conversions and will pay more than £375 a sq ft for the right home.
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