Glasgow property is in high demand, as Scottish real estate offer higher growth than the rest of the UK.
- Glasgow is one of the UK’s current property investment hotspots
- Student property investment in the city is generating both high yields and capital growth
- Scotland’s property prices have increased at a much faster rate than the UK average so far this year
Glasgow’s property prices have now hit a record high and further growth is likely in the future.
According to the latest LSL House Price Index, May saw values in Scotland’s largest city surpass the previous highs set in 2007. The average home in Glasgow will now cost £146,286 and demand for property is high.
Furthermore, the average price for an apartment in the city has increased by over £15,000 in just 12 months.
Investors are particularly keen to secure student property in the city, which has been identified as offering some of the highest yields in the whole of the UK.
The Glasgow property market is part of wider housing growth north of the border. The research from LSL shows house prices remain resilient in Scotland, despite a property tax change and have increased by 10.3% of the past 12 months, which is twice the average annual growth seen across the rest of the UK.
Christine Campbell, Your Move Managing Director in Scotland, said: “Two months into Scotland’s new transaction tax regime and the impact of the overhaul is still reverberating around the property market.
“Yet the trends that can be gleaned are positive. Scottish house prices are up by more than 10% on an annual basis, and the sentiment from buyers in our branches is upbeat as the stability of the housing recovery shines though.”
Expanding on the Glasgow market, Ms Campbell said the city had accounted for 12.5% of the total property sales in Scotland so far this year.