As Scotland’s biggest city, Glasgow has become a destination where locals and people from abroad have started to settle and begin their new lives. Currently, Glasgow is a gem on the property market.
Prices are still relatively low compared to the rest of the UK while the city itself is growing and developing in the right direction each and every day. As a result of that, more and more buyers are starting to pay interest to Glasgow as a potential place to purchase a property.
So, if you’re wondering if now is a good time to buy a property in Glasgow, you’ve got to read this article until the end. To begin, let’s first take a look at what Glasgow’s property market is currently like right now.
Glasgow House Prices
Currently, the average cost of a house in Glasgow is around £208,064. That’s almost £80,000 less, which is great news for first-time buyers. Not only that, but buying a home in Glasgow also allows you to take full advantage of the city life, which is fairly similar to that of other major UK cities like Manchester, Liverpool, and London.
Aside from the relatively lower prices, interest in Glasgow is growing. So, there’s a fair chance that these prices will slowly increase over the next few years. This is why Glasgow is a very attractive city with a lot of investment potential. Again, you can’t predict the market and say anything concrete. However, the current state of property prices compared to the UK average shows that Glasgow offers a lot of promise, whether you’re looking to buy a property to live in or as an investment.
That said, the price you’ll pay for a house or property in Glasgow can vary greatly. Remember, this is still a fairly large city, and the area you choose to buy into will play a huge role in how much you have to pay for the property.
So, let’s look at the average house prices for four different Glasgow areas to give you a better idea of the market.
The average price for a house in Glasgow South is around £208,613, which is right in line with the city’s average. Glasgow South is a really attractive area for people interested in Glasgow as a whole as it offers the best of both worlds.
Glasgow’s south side offers all the amenities and entertainment you’d want from a major city. However, it’s also very close to nature, which allows you to immerse yourself in an environment that’s usually far away when living in the big city.
This is one of the more expensive areas in Glasgow. The average property price here is at around £249,151, which is significantly higher than the city’s average. While still relatively affordable compared to other UK cities, you should expect to pay a bit more for a property if you move into Glasgow North.
That said, this part of the city offers top-tier amenities, facilities, and luxuris. This is the area with the best schools, golf courses, entertainment and recreational activities. So, while it might be expensive, the area offers everything to justify the higher prices.
Glasgow West is the most expensive part of Glasgow. If you purchase a property in this area, you can expect to pay an average price of £259,000. This is fairly expensive, but this is largely because the Glasgow West End is currently considered the coolest and most attractive place to live in the city for students, young professionals, and even families.
Glasgow East is the cheapest area to live in Glasgow. The average house price in this area is around £186,895, which is much lower than the city’s average, let alone the national average.
That said, it’s a bit more affordable because it lacks some of the luxuries and high-class amenities you can find in the North and West side. However, like many areas in Glasgow, the Eastend is definitely growing. So, there’s a lot of potential for property prices here to rise in the coming years, giving you a decent return on your investment when you decide to sell.
Are House Prices Falling or Rising in 2023?
Glasgow experienced a hike in housing prices during the pandemic. However, 2023 looks much more different to 2021, and not in a good way. House prices in 2023 across Glasgow have started to fall. That said, property prices have fallen slower than expected, which is great news for investors looking to take on some risk during the dip.
When we look at properties as a whole, over the last decade, house prices in Glasgow have been going up. And if we look at the future, they are only expected to rise and inflation starts to settle and come back down to the pre-pandemic norm.
Are There More Buyers in the Market Right Now?
One of the reasons the average property price in Glasgow has been rising is because of the number of people in the market. More and more people are getting interested in Glasgow, and as a result, the market has been flooded with more buyers, which means higher prices for properties.
So, if you’re entering the Glasgow market, you can expect some competition. This is why you need to enter the market with enough capital, a good team by your side, and you need to prepare yourself to make decisions and assessments on properties quickly.
As a rapidly developing city, Glasgow’s property market is still trailing behind the property market in other major UK cities such as Manchester, Liverpool, and London. With that said, right now is a very unique time to get into the property market if you want to profit or buy a property to live in for the long term before the prices start to rise. Forecasts suggest that Glasgow’s property prices will catch up to the rest of the UK. This will leave those who haven’t pulled the trigger on buying a house earlier having to spend more.
So, to answer the question of this article, we believe that right now is a fantastic time to find the perfect property and buy it before the market sees yet another rise.And should you ever decide to sell, the demand will always be there so you’ll be able to sell your house fast.