What's happening in the Glasgow housing market?

By Gordon Campbell

April 2024

Glasgow home to superior house price performance

Over this time, however, Scotland’s average house price has increased by 4.2% to currently sit at £190,328.

Areas and properties that Alliance Property Group focus on and offer to you exclusively, have seen prices grow by more than 5% are Inverclyde (6.1%), Renfrewshire (6%) and the City of Glasgow (5.4%).

UK Housing Market

As housing markets across much of Britain have struggled against the economic headwinds of the past couple of years, Scotland seems to have bucked the trend by recording resilient house price growth.

The analysis of government price and transaction data reveals that over the past 12 months, the average house price in Great Britain has dropped by -0.7%, falling from £286,800 in January 2023 down to £284,718 in January 2024 (latest available data).

Scotland Market

This is the strongest growth of all British nations and regions and makes Scotland at 4.8% average growth one of only three places where prices have increased on the year.

The other two are England’s North West and West Midlands.

Regionalised Growth

It is important to remember that house prices and rental growth is very regionalised and local.

Some regions of Scotland have recorded very impressive price growth over the last year, playing a significant role in Scotland’s strong performance.

Areas that Alliance Property Group focus on have seen prices grow by more than 5% are Inverclyde (6.1%), Renfrewshire (6%) and the City of Glasgow (5.4%).

Why Does Glasgow and Surrounding Areas Constantly Perform?

The lure of Glasgow never seems to fade.

Its housing market has demonstrated a resilience enviable to the rest of Britain for many many years and also during the past couple of difficult years.

One reason for Scotland’s proven resilience has got to be its unique buying process in which the agreement between buyer and seller becomes legally binding far earlier than it does in England & Wales.

This means there are fewer fall-throughs because buyers and sellers aren’t able to change their minds and pull out at the last minute without facing some kind of legal or financial consequence.

The other main reason is the strength and diversity of the local economy.

We highlighted this on a recent blog. https://allianceproperty-group.co.uk/items/news-section/Why-Does-The-Glasgow-Economy-Make-It-One-Of-The-Best-Local-Economies-and-Property-Markets-in-the-UK-

Summary:

Glasgow property investment continues to offer real value for money, best performing regional areas in the UK, continual huge rental demand, stable strong diverse economy and a simplified legal purchasing system.

All of that combined with our unique offering to you.

Off market, below market value properties in the right areas at the right price with the right demand and capital growth.

Alliance Property Group. Making a Difference.