Residential development in Glasgow and the surrounding areas is witnessing a resurgence.
■ The Scottish Government’s latest figures report that the number of private sector completions across Scotland in the year to September 2014 was 18% higher than the previous year. Despite this the number of units completed per year remains considerably below peak levels.
■ The city of Glasgow has borne the brunt of the decline. Completions were 85% below peak in the year to September 2014, but the market is now stabilising. Neighbouring local authorities have not suffered to the same extent. In Dunbartonshire (East and West) completions now stand 33% above peak.
■ Initiatives such as Help to Buy, combined with relatively favourable mortgage conditions, have put home ownership within reach of many and this has helped to make a number of developments viable and increased demand.
■ This document aims to give a brief insight into the residential development market so that we can better understand the forces at work and aid the decision making for developers in the months ahead.
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