The number of major events taking place in Scotland this year, such as the Commonwealth Games and the Independence Referendum, caused the housing market in Glasgow and the west of Scotland to stall slightly, according to the GSPC.
The GSPC figures show that house prices remained relatively unchanged over the past three months and that it took 20 days longer on average to sell a house compared to the previous quarter.
However, despite this, house prices in the west are still around £10,000, or 6%, higher than they were at this point in the previous year, although they are still around 11% below the peak of 2007.
“Looking at the year as a whole, we have seen tangible signs of a housing market recovery, particularly in Glasgow, but the latest results from GSPC house price data largely reflects the strong growth in quarter two rather than a summer boom,” commented Professor Gwilym Pryce, Director of the Sheffield Methods Institute at Sheffield University, who conducted an analysis of the sales data from the GSPC.
“House price changes from quarter to quarter can fluctuate considerably in any event, so the results for last quarter are not necessarily the start of a trend. But if the summer dip in some areas was due to referendum uncertainty, we should see those markets rally in the fourth quarter,” he added.
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