Scotland’s property market remains buoyant despite the UK’s uncertain economic and political climate, and a recent report shows that Glasgow has the fastest house price growth of major UK cities.
Thriving Property Market
Glasgow and Edinburgh homes sell fastest in the UK, spending 48 and 39 days on the market respectively, according to the Post Office Money and Centre for Economics and Business Research report (City Rate of Sale Report 2018). Glasgow’s market is particularly competitive with the fastest house price growth of major UK cities and properties remain relatively affordable when compared to the rest of the UK. Glasgow has seen strong population growth which has increased demand for houses in areas with an undersupply of homes.
The UK House Price Index (September 2018) shows that the biggest price increases in Scotland were in West Dunbartonshire and Glasgow City, where average prices increased by 11.9% to £109,828 and 10.4% to £137,507 respectively. According to the quarterly Scottish House Price report (July – September 2018) published by s1homes.com, in Glasgow/Dunbartonshire, properties are selling at £40,000 above their asking price, a significant increase of almost £18,000 from the previous quarter.
One of the Best UK Cities to Live and Work In
Earlier this year, Glasgow was named one of the best UK cities to live and work in, according to a study commissioned by Royal Mail. The city came out on top for its share of parks and green spaces with 35% across the city. The city also ranked third for rich cultural services, having 7.1 theatres and 60.2 libraries per million people. Access to education in Glasgow is also strong with 47.2% of the working age population qualified above A-level equivalent, ranking sixth overall on the list of cities.
Popular Areas to Live
On the banks of the River Clyde, Glasgow is Scotland’s most populated city and offers a wide range of properties, good schools, a thriving cultural scene, excellent shopping, expansive parks and proximity to the coast and mountains. The city is divided into five key areas: City Centre, North Glasgow, Southside, East End and West End, each with its own personality. Properties range from classic red sandstone tenements and modern townhouses to bungalows, semis and detached villas.
The West End is one of the most desirable areas of Glasgow. The Hillhead district, with classic red sandstone terraces and impressive tenement buildings, is popular with young professionals, students and families alike. Situated to the north of Kelvingrove Park and close to the Botanic Gardens, Hillhead offers an array of art galleries, museums and independent shops, notably in fashionable Byres Road. The University of Glasgow is located here and nearby are popular schools, Hillhead Primary School and Kelvinside Academy. Other sought-after residential hotspots in this area include Dowanhill, Kelvingrove and Hyndland.
Further west, the residential area of Scotstoun is popular with families. Scotstoun Primary School and Jordanhill Secondary School are among the best schools in the city, with Victoria Park and Scotstoun Leisure Centre and Sports Campus nearby. It is also a relatively affordable area to live in Glasgow compared to the West End.
South of the River Clyde, Shawlands is regarded as an up-and-coming area and is an attractive option for young families with great schools, popular places to eat and nearby Pollok Country Park and the renowned Burrell Collection. Also south of the river are smart suburban areas such as Whitecraigs and Giffnock in East Renfrewshire. Giffnock has a wide variety of properties, lots of shops and restaurants within walking distance and excellent schooling.
To the north of the city are the popular residential areas of Bearsden and Milngavie in East Dunbartonshire. Houses in Bearsden have some of the highest prices of any area in Glasgow. Both areas are hotspots for commuters who prefer less hustle and bustle and more green space, yet situated only a short distance from the city centre. Quality of life is key for those who can afford properties in these areas with quality primary schools nearby as well as golf courses, Kilmardinny Loch Nature Reserve and excellent rail links to the city centre.
City Centre & East End
In the city centre the Merchant City, one of Glasgow’s oldest quarters, has a mix of modern apartments and trendy warehouse conversions with an abundance of bars, restaurants, boutiques and galleries nearby. Just a short walk from the city centre is Glasgow’s East End, home to the city’s oldest buildings and some new developments. Whilst regarded as one of the most deprived areas of the city, the East End has seen some regeneration and many homes in this area are purpose-built and more affordable for those starting on the property ladder.
The Glasgow property market caters for all budgets and tastes and each area has its own character. From refined architecture to cool boutiques and trendy nightspots, there’s something for everyone in this popular city!
If you are about to begin your search for a new property and would like to find out more about the Glasgow property market, or to discuss the buying and selling process, we will be delighted to help so please get in touch with us by calling 0131 202 5444 (Option 3) or by emailing [email protected].