Why Is The Glasgow Economy and Property Market One of The Best in the UK?

by Gordon Campbell

July 2023

In our last 2 blogs we have shared in detail showing why our main investment area we sell to you is one of the highest in the UK and why Glasgow property market continues and remains one of the strongest in the UK.

In this blog we dig into more of the specifics of the strong and diverse local economy that underpins the long-term growth of the property market.

What About Glasgow Property?

There are very few cities in the UK with so much economic diversity and is why it is an area of great attraction for business and investors.

That was highlighted recently in our blog, Annual House Price Growth in Our Main Area: The Highest in Scotland at 12%, http://allianceproperty-group.co.uk/items/news-section/Annual-House-Price-Growth-in-Our-Main-Area-The-Highest-in-Scotland-at-12-

As a result, the property numbers speak for themselves.

• The Scottish economy is growing faster than any other part of the UK and higher than many parts of other European countries.

• The Scottish Government figures showed gross domestic product in Scotland in the opening three months of 2023 was up by 0.4% on the fourth quarter of last year.
  
  
• UK GDP grew by only 0.1% quarter-on-quarter in the opening three months of this year, according to previously published figures from the Office for National Statistics.

• The Glasgow and surrounding area sales and rental market continues to be in very high demand:

Our main focus area Inverclyde grew at 12% in last 12 months.

Highest growth in Scotland and one of the highest in UK.

Glasgow’s Historical Background

A city shaped by its proud heritage in science, engineering and design.

It is the engine of the country’s economy and the world’s original creative capital.

It is ambitious, innovative and entrepreneurial - a city internationally recognised for its openness, resilience, trust and friendliness.

It now ranks in the UK’s top two most attractive technology locations and is a natural focus for the knowledge economy.

Glasgow and Its Metropolitan Area

The Central Belt Region (including Glasgow and Edinburgh) is collectively home to 3.5m people, making it one of the 20 largest urban regions in Europe.

Glasgow City Region’s position as the largest integrated economic region in Scotland is well established with around a third of Scotland’s output, business base, research power and employment.

It is one of the largest city region economies in the United Kingdom and is now firmly established as a global business destination.

What About Glasgow’s Economy?

As the largest city in Scotland, Glasgow has become one of the most popular places to live, not only in Scotland but in the entire UK.

Glasgow is a modern city, with a vision to create a thriving and inclusive economy where everyone can flourish and benefit from its successes.

Glasgow is committed to creating a working life where ‘Fair Work’ drives success, wellbeing and prosperity for individuals, businesses, organisations and society.

As Scotland’s most populated city and the United Kingdom’s fourth, Glasgow offers vast potential for businesses to tap into, including access to an abundance of talent, collaborative networks, and flourishing tech and creative communities.

According to Tech Nation, the city is among the top three fastest-growing tech investment hubs in the UK.

Central to this success is the high level of sector diversification that exists within the city’s strong and growing business and technology base, supported by a highly skilled and experienced workforce.

Glasgow has been through a very clear cycle of growth and diversification, rapidly growing its jobs base, halving its unemployment rate, and honing strengths in high productivity sectors such as finance and business services, the creative industries and life sciences, transforming the city region into a powerful economic engine.

This trend is forecast to continue, with the wider metropolitan area expected to secure nearly half of all new Scottish jobs over the next decade.

Glasgow’s Talent

Glasgow attracts major international companies because they are able to recruit and retain key staff from a highly-skilled workforce. 

Glasgow has a consistent track record of developing, attracting and retaining talent, an education system that is highly responsive in preparing the next generation of the workforce via multiple routes, and a high share of people working in higher-level occupations.  

The city has one of the most highly skilled and flexible workforces in Europe:

That strength also stands up to international comparison with Glasgow ranking in the top 15% of European regions.

Glasgow is establishing itself as a knowledge city.

The city has a strong performance in cultivating high level skills, and produces nearly 34,500 graduates from a pool of more than 185,000 students spanning 140 countries.

The city is also ranked top in the UK for retaining its graduates once they have completed their degrees (51%) not least through a combination of a high disposable income and the UK’s most affordable major housing market.

Environment and Sustainability

With ambitions to become one of the most sustainable cities in Europe and a growing reputation as a smart city, Glasgow is a city where business, sport and international culture flourish.

Glasgow’s improving social capital and working environment means the city’s millennial appeal is at an all-time high because of its ability to meet the needs and preferences of early-career mobile workers.

Low housing and living costs, together with high internet speeds and high levels of openness, social cohesion and inclusivity allow the city to differentiate itself from its peers.

As a result, Glasgow ranks as the fourth best city for Quality of Life in the UK.

From top events, attractions and cultural festivals to the city's iconic music venues, a diverse and award-winning food and drink scene and the largest retail destination in the UK outside of London, there is plenty to keep everyone entertained.

Over 90 parks and gardens, city cycling routes, the River Clyde, and the Clyde and Forth Canal, offers urban tranquillity as well as the welcome buzz of a city.

Beyond Glasgow’s thriving urban social scene, it is the perfect base to explore Scotland. Stunning scenery in the form of rolling hills, glens and lochs are reachable within half an hour’s drive of the city centre and outdoor sports such as hillwalking, hiking and mountain biking are popular weekend pursuits.

Summary

What we do for you is unique and exclusive.

That does not happen easily or by accident.

There is substance, knowledge, experience and dedication to make it happen for you.

Despite the on market property sales still being strong and challenging with under supply, high asking prices above market value, we still provide you a One Stop Solution providing:

• Personalise service with over 42 years of experience, knowledge and expertise.
• Off market and below market properties.
• Properties in areas of high growth, rental demand, and yield appreciation
• Power Team: finance broker, accountant, solicitor, refurbishment, lettings and more.

Regardless if a new or experienced investor, what we provide is for everyone.

If you are not sure where to start, what to do or stuck with part of a process, please get in touch for some impartial advise and we will help where we can.

Contact Us Today

It could be the best decision you make.

Thank you for reading.

Alliance Property Group. Making a Difference