Cash is king north of the border as viewings surge at Corum

Despite a 15-year peak in interest rates, one of Glasgow’s leading estate agents, Corum, has reported a 10% surge in viewings during the first half of this year.

Corum conducted more than 16,000 viewings in the first half of 2023, up from around 14,000 during the same period in 2022 – a record year for the company.

Founded by John Kelly in 2003, Corum focusses exclusively on buying and selling property, the company listed £636m in property last year, selling in excess of £781m.

Despite recent interest rate rises leading to concerns house prices may fall as buyers struggle to afford mortgages, Kelly believes predictions of plunging property prices are wide of the mark, with 35% of buyers in Scotland purchasing without a mortgage. 

He said demand continues to outstrip supply in the Glasgow market particularly in areas such as the west end, south side, and suburbs including Newton Mearns, Bearsden, and Milngavie – as popular as anywhere in the UK.

Serious buyers

Kelly, an industry veteran of more than 37 years, said: “Glasgow’s property market is robust and thriving. Inquiries are down slightly on last year, but the rise in viewings shows serious buyers are still attracted into the market.

“There has been a great deal of misplaced negativity around the housing market and the impact of financial conditions on house prices, but people’s lives continue to move on and with it comes the necessity to find a new property.

“In four decades in the industry, there has never been a time where there isn’t some form of report highlighting the imbalance between supply and demand. That will constantly stimulate the market in areas that offer a compelling combination of amenities and lifestyles. 

“Glasgow’s strength in modern industries such as financial services, technology, and professional services allied to an almost unmatched balance of amenities, schools,  culture, green space, and lifestyle makes it an extremely attractive proposition. This may be controversial, but I don’t believe the Glasgow property market is expensive for what it offers, and we will continue to see strength in the market for the foreseeable future as a consequence.”