As Scotland’s biggest city, it’s natural for first time buyers to assume that living in Glasgow can be quite expensive. So, if you’re on the verge of purchasing your first home, read this article until the very end as we’ll go over:
- The average property prices across Glasgow
- The best areas in Glasgow for first time buyers
- Schemes currently available for first time buyers in Scotland
By the end, you’ll have a crystal-clear idea as to whether buying your first home in Glasgow is a good financial idea. But, before we do any of that, let’s first take a look at what the cost of living in Glasgow currently looks like.
The Current Cost of Living in Glasgow
Before becoming a homeowner, it’s essential to consider the general cost of living in the city. The last thing you want to do is get a mortgage, and later figure out that you can’t quite afford to stay up to date with your bills.
If you’re a single person, the average income you’ll need after tax to live a moderately good life is £1,615 per month. If you have a family, the amount of money you’ll need to keep the same standard of living doubles to £3,236 per month.
These costs are spread across paying for housing, electricity, gas, council tax, groceries, entertainment, and other. It’s worth noting that the actual amount of money you’ll need to live in Glasgow will depend on your standard of living.
For instance, if you choose to live in a less expensive area, you could practically half your housing costs. In other words, if you’re prepared to make some sacrifices, a single person can easily live in Glasgow with around £1,250 and a family with £2,500 per month.
Average Property Prices Across Glasgow
The average property price in Glasgow right now is £207,289, which is up 5% from the year prior. With that said, it’s worth noting that this takes into consideration all types of properties, including those in neighbourhoods such as Kelvinside and Jordanhill.
If we were to break down the average property prices by property type, the average detached, semi-detached, terraced, and flat/apartment property sold for £401,692, £229,229, £202,865, and £170,514 respectively.
Please note that depending on the type of property you’re after, the price may be higher or lower depending on the area where you decide to purchase. In the section below, you can read more about the best areas to buy a property for first time buyers.
Most Affordable Areas in Glasgow for First Time Buyers
When it comes to being able to afford to live in a major city like Glasgow, you’ve got to take your financial power into consideration when purchasing a property. So, if you’d like to stay on budget and not overspend on a property, take the following few parts of Glasgow into consideration when buying your first home.
Situated 6.9 miles to the North West of the Glasgow city centre, we have the most affordable area when it comes to property prices in the whole city. The average property price in Drumchapel South in 2022 was just £79,510, which is more than half the price of the average property in the city.
Over 20 properties sold in the area in the last year, which is a clear sign people are willing to move and buy a house in an area that is far more affordable than some of the more major parts of the city.
The second most affordable area in Glasgow is Tollcross. Over 83 properties sold here in 2022 at an average price of £80,000. This part of Glasgow is just 4.7 miles out of the city centre, so if you want to be closer to the city without having to spend a significant amount of money on your first property, take the area of Tollcross into consideration.
And last but not least, we have Shettleston North, which is the 5th cheapest area in Glasgow. Over 70 houses sold here in 2022 with a median price of £86,000. Situated just 3 miles to the North of the Glasgow city centre, this is arguably as close as you’ll get to the hustle and bustle of Glasgow for under £100,000.
Some of things to consider when looking at these areas are your personal needs, crime rate, public transport link, quality of roads, and more.
The Best Scheme Currently Available for First Time Buyers in Scotland
The Scottish government has recognised that first time buyers can have a fairly difficult time coming across and securing their first home. As a result of that, they have introduced the low-cost initiative for first time buyers (LIFT) scheme.
The LIFT scheme is a shared equity scheme, which allows buyers on low to moderate incomes to be able to afford their first home. Currently, there are two types of LIFT schemes, the OMSE and the NSSE. The first is designed to help buyers to buy a home on the open market while the latter is designed to help buyers to buy a newly-built home from a council or a housing association.
Buying your very first home in Glasgow can be a daunting experience. And it is. That’s why you have to be prepared and take everything into consideration, including the current cost of living, the average property prices, the amount of money you make and are willing to invest in a property and more.
Hopefully, after reading this article, you have a more clear idea as to whether or not, based on your current circumstance, you’ll be able to afford to live in Glasgow as a first time buyer. And remember, if you decide to buy and want to cash in on your property in the future, there are many cash house buyers in Glasgow that would be happy to pick up your property for what it’s worth.