Glasgow West End Property Advice
The new normal in Glasgow’s property world
Late 2022 was a worrying time for the Scottish property market with concerns over rising interest rates and some predictions stating they would continue to increase almost indefinitely. Fear took hold of banks, buyers, sellers, and the industry as a whole. A slowing down began, whilst caution took over and people began to hang back, unsure of what was to come.
As the Bank of England Base Rate rose, mortgage lenders became more cautious and the incredibly low lending rates we had become used to seeing, became a thing of the past.
Forecasts published a future with ever rising rates and a property market in stale mate where the majority could not secure a mortgage, and the cash buyer truly became king. Predictions are always tough but, in the post Covid era they have been even harder to make.
At Walker Wylie, we expected mortgage interest rates to balance out, but it appears to have happened quicker than anticipated. We are now looking at average rates of around 4-5%. While this is an increase on what we were dealing with early last year these rates are far from terrible – and in fact are much more normal. At some point an average settled period would be reached, and thankfully we think we are there now.
A successful Spring on the horizon
The rates we are seeing now are far from reaching the peaks of the past. A period of settled rates will allow the market to bounce back and flourish once again in Glasgow.
Spring is traditionally a buoyant and busy time in the property market. And with a more settled financial backdrop, we believe this year will be no different. If you are looking to sell your property, get in touch for a free no obligation valuation and quote. We’d be delighted to work with you.
Give us a call on 0141 404 1333
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