How to move to Glasgow house on ‘cash for clunkers’ deal
In a move that is reportedly a cash for clunks, Glasgow house owners have reportedly agreed to accept £10,000 in cash in exchange for their homes.
The move comes amid a surge in house price inflation in the city, with demand outstripping supply and causing property prices to increase by an average of 1.5 per cent a year since January, according to The Glasgow Herald.
The owners of three properties have been approached by Glasgow City Council to take part in the scheme, which is designed to help homeowners reduce their mortgage debt.
It is believed that the owners have agreed to the deal in order to secure their homes, which are valued at more than £1.7 million, and to allow them to “cash in” on the cash for a “cash for clutter” scheme, the Herald reports.
It comes amid renewed pressure on the city’s housing market after it was revealed last week that a record £2.9bn worth of properties were on the market for sale in the first half of 2017.
The housing market has been hit by a shortage of affordable homes following the Brexit vote, and Glasgow City has been under pressure to sell off properties in order for the city to get a larger influx of residents to make way for a growing population.
However, with more than half of the housing stock on the open market for more than a decade, many residents are turning to private landlords for help in getting a roof over their heads.