L O C A L FO C U S Glasgow
Each month, The Intermediary takes a close-up look at the housing market in a specific region and speaks to the experts supporting the area to find out what makes their territory unique
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JESSICA O’CONNOR is a reporter at The Intermediary
Glasgow
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s the nation grapples with fluctuating interest rates and an evolving political landscape, Glasgow’s property market remains a focal point for investors and homebuyers alike. Against the backdrop of the UK’s wider mortgage sector, Glasgow, much like the rest of the Scottish market, has been largely insulated from the chaos over the past 18 months. Bucking wider UK trends, the area has seen a promising rise in buyer demand, along with a sustained increase in house prices over the past year. As a city well placed near Scotland’s rugged west coast, boasting a wealth of transport links, as well as its status as a vibrant university town, the region remains an attractive prospect for potential investors – even as affordability pressures and fluctuating mortgage rates continue to hamper the wider market. The Intermediary sat down with local experts to delve into the continued success of the Glasgow property sector, discussing the area’s current mortgage trends, ongoing opportunities and potential challenges within the market.
Current values According to the latest data from Zoopla, the average sold price for a
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The Intermediary | June 2024
property in Glasgow over the past 12 months was approximately £233,638. This is a consistent figure when compared with the overall Scottish average of £223,657. In terms of different property types, detached homes in the area lead the way in price, fetching an average of £373,848. Meanwhile, semi-detached homes within the Glaswegian postcode could set buyers back an average price of £256,596. Terraced homes cost movers an average of £211,955, while flats and maisonettes fetch approximately £162,119. According to Walker Fraser Steele, the area has seen a steady increase in house prices as of late, recording a slight 2.8% rise over the past 12 months, specifially.
Sustained activity In line with this ongoing rise in house prices, local brokers and experts report ongoing activity within the market, particularly as the overall mortgage market has shown signs of a slow recovery in the first half of 2024. According to Ross McMillan, owner and mortgage adviser at Blue Fish Mortgage Solutions, much like the rest of Scotland the region has been a hotbed for consistent price growth and ongoing opportunity. He says: “Unlike many other regions in the UK, Glasgow continues to
experience consistent increases in property values month-on-month.” In his view, this trend is set to continue, with “no indications of a slowdown on the horizon anytime soon.” Scott Jack, regional development director at Walker Fraser Steele, agrees with this assessment, noting that Glasgow has demonstrated an enduring resilience over the past few months, rather than following the trends of what has been a largely “subdued housing market.” He attributes this rise in prices to this sustained activity, along with the somewhat limited housing stock available in the region – which has made for competitive marketplace. →