The average price of a property to buy in Glasgow at the start of 2019 was £176,313, according to the website Home.co.uk. The price of flats had gone up by five per cent over the year and semi-detached homes by four per cent. Only the price of terraced houses had fallen.
At the same time, there were 2,776 houses or flats for sale, with the average property sitting on the market for around 124 days before contracts are exchanged.
Of the total number of properties to buy in Scotland’s largest city, more than half were flats (1,595). Detached homes were the next largest category at 461 properties. Next was semi-detached at 366 homes and finally, there were 265 terraced homes for sale.
Semi-detached homes sold quickest (within 90 days) compared to flats, which stayed on the market for an average 128 days before a sale was completed.
By far the majority of properties listed had two bedrooms (1,135 ). Next most popular was three-bedroom properties (643), then one-bedroom (445) and four bedrooms (346). Only 112 properties had five bedrooms or more.
Recent investment in the city
Glasgow is the city which will lead Scotland’s economic growth over the next few years. That was the announcement from the EY Scottish ITEM Club 2019 Forecast towards the end of last year. It predicted the west coast city’s GVA will be 2.6 per cent this year – compared to the Scottish average of just 1.3 per cent.
The growth is down to a number of major investments of late, including Barclay’s announcement in the summer that it would be building a new hub at Buchanan Wharf with up to 2,500 new jobs.
Meanwhile, the expansion of Glasgow’s Harbour area continues with the announcement last year of a £100 million development complete with shops, a leisure complex and restaurants over a 74-acre site. The Glasgow Harbour Lifestyle Outlet is due to open in 2021 with the promise of around 2000 new retail jobs.
Private rental market in Glasgow
In January 2019, there were 1,906 properties for private rental in Glasgow. The average rental price was £748 pcm. By far the majority of properties (1,653 ) were flats, with 200 houses and 42 rooms to rent.
The most popular number of bedrooms per rental available was two (986 properties). Around 509 properties had one-bedroom, while 247 rental properties had three bedrooms. There were 50 houses with four bedrooms and 19 rental properties with five bedrooms or more.
Best areas for specific property strategies
The buy to let and HMO market in Glasgow both remain pretty buoyant these days. HMOs tend to be concentrated in the West End, particularly around the Woodlands, Byers Road and Partick areas, thanks to Glasgow University and Jordanhill College).
One and two-bedroom buy to lets are proving popular with hospital staff – especially in the South Side Battlefield area (at the new Victoria Hospital) and the recently completed new main hospital at Govan. Plenty of large insurance and finance companies in the city centre means the demand for the buy to let market is also flourishing in places such as the Merchant City, Shawlands in the South Side and Denniston in the city’s East End.
Speak to Phil Gordon who specialises in investment property.
Call 0333 123 1330