Hugh is a Fellow of the RICS and a Registered Valuer. In April 2015 he joined Allied Surveyors as a Director following the merger with Murray & Muir where he had been a partner since 1987. He has 38 years experience of the West of Scotland residential property market.
What 37 years’ experience in property tells me
I’ve been involved with property since qualifying in 1982 and have seen ups and downs in the market - but nothing like the situation we find ourselves in today.
Glasgow’s residential property market has always been robust and even in times when it has been slow the only event that caused prices paid and hence values to decline, was the financial crash in 2007/08. Generally, we saw values improve to their pre - 2007 levels by about 2016. Since then traditionally strong locations have proved extremely robust and there are many examples where a premium price has been paid by purchasers.
Given we are in lockdown and there is no activity in the residential market it is impossible to predict what will happen in the future. The housing market though is not solely based on investment decisions. Most house purchases for owner occupation are a matter of the heart rather than the head. If someone wants a particular house, they will find a way to finance that. Whilst pessimists may think the market will stagnate, I don’t share that view. People have always had to move for one reason or another. The reasons for moving could be an increase in the size of the family, marriage, a job move, downsizing because of age or other circumstances. This will not change in the future. Humans are programmed to progress and better ourselves. There is always a need for good, sensible professional advice. Be assured Allied Surveyors Scotland are here and waiting to help when restrictions are lifted.