Glasgow Burgeoning Modern Property, West of Scotland Homes, Scottish residential building sales advice
Glasgow’s Burgeoning Modern Property Market
19 December 2019
The UK’s property market is looking to trend positively into 2020 and beyond, and one of the best areas for investors to look towards is Scotland-based, specifically in Glasgow. Interested in the property market in Glasgow, and want to know more about some of the best areas for regeneration and growth? Here’s some general information on the rising statistics and state of the property market; how modern buildings, developments, and constant regeneration are bringing plenty of opportunity and excitement to the biggest city in Scotland.
Glasgow’s Burgeoning Modern Property Market – Scottish Homes
The area of the UK that is seemingly the least affected by political instability (caused by factors such as Brexit and the subsequent election campaigns) over the last few years, Glasgow has been hailed by many as staying strong in the face of stagnating house price growth and demand in certain other cities in the UK, such as London.
Those that own property in Glasgow also stand to make some of the best monthly rental yields in the UK. According to TotallyMoney’s buy to let rental yield map for 2019, five Glasgow postcodes made it into the top 25 list for rental yield averages, with the G52 postcode hitting the number three spot at 8.71%. This is behind only Falkirk’s FK3 postcode, which stands at 9.51%, and Liverpool’s central L1 postcode, which stands at an impressive 10.00% – The only spot in the country to top that number currently.
In terms of transaction growth, and the number of investors interested in certain areas within the city, Savills have reported that the city overall has experienced a 4% increase year on year from 2018 to 2019, with the West Dunbartonshire area experiencing the most growth at 9.3% over its previous performance. Other popular locations for this statistic include North and South Lanarkshire, Inverclyde, and Renfrewshire. Savills themselves state that they think there is certainly the possibility for further growth.
Neighbouring Scottish success
While Glasgow might be one of the highest achieving areas in the UK currently, it isn’t the only Scottish city with an exciting property market. Deemed by RWinvest as a ‘thriving UK investment city’ in their guide to the area, Edinburgh also broke trends by being far above the national average for house price growth in the last year – reaching 10.6%.
Some of the biggest reasons for Edinburgh’s popularity as an investment destination include its distinctive and historic architecture and culture, the large, consistently high-achieving student population (which in turn increases the demand for student accommodation in the city), and even the swelling population in August time, when the world-renowned Edinburgh fringe festival sees the demand for temporary tourist accommodation momentarily skyrocket.
Culture and draw
Much of Glasgow’s thriving property market comes from steadily increasing figures, regeneration and investment/tenant demand, but the city also has a lot of positives going for it in terms of culture and regeneration. Here are some important points to consider:
- Aside from the modern apartments and properties that are being consistently built in the city to accommodate demand from both tenants and investors, the city has its fair share of beautiful, historic architecture, and also modern, trend-setting designs. The famous Glasgow Tower holds the record for being the tallest fully rotating structure in the world.
- With an overall population of over 600,000 people, Glasgow is the largest city in Scotland, and accounts for over a third of the entire country’s population.
- Glasgow’s culture and arts again make it one of the most popular spots for tourism in the country. For instance, many people vote it as their favourite place for music concerts outside of London.
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