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What do the latest numbers reveal about Glasgow’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Glasgow, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
1) First-time homebuyers in Glasgow are now averaging 32 years old
The average age of first-time homebuyers in Glasgow is now 32 years.
This trend mirrors the broader UK pattern, where rising house prices and stagnant salaries have pushed the average age higher. In London and the South East, first-time buyers are typically around 33 years old, while in the North East and Yorkshire & the Humber, they are closer to 30 years old. These differences show how local market conditions shape when people can afford their first home.
Recent years have seen tough housing market conditions, with high mortgage rates and limited inventory making it harder for younger buyers. By 2023, the average age for first-time buyers had climbed to 35 years, reflecting a shift towards older buyers entering the market.
Sources: Confused.com, Ethnicity Facts and Figures, Petty Son & Prestwich, Bankrate, uSwitch
2) Glasgow’s average property price rose by 3% in 2024
The average property price in Glasgow increased by 3% in 2024.
Glasgow's housing market is on the rise, with the Office for National Statistics reporting a 6.2% increase in average house prices from October 2023 to October 2024, reaching £187,000. This surge is largely due to a 10% jump in detached property prices and a 5.3% rise in flat prices.
First-time buyers and home movers are playing a big role in this trend. First-time buyers are now paying an average of £168,000, up from £159,000 the previous year. Home movers are seeing similar increases, with prices climbing from £208,000 to £222,000.
Scotland's property market is also booming, with the average price hitting a record £200,000 in August 2024, marking a 5.4% year-on-year increase. This broader trend is likely impacting Glasgow's market dynamics.
Sources: ONS, Yates Hellier, Scottish Housing News
We did some research and made this infographic to help you quickly compare rental yields of the major cities in the UK versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
3) In 2024, flats made up 30% of property sales in Glasgow
In 2024, 30% of property sales in Glasgow were for flats.
Glasgow's property market has been evolving, and flats have become a popular choice. In 2023, the average price for flats was relatively affordable compared to other property types, making them an attractive option for many buyers.
By October 2024, the average price for flats and maisonettes was £159,000, which was significantly lower than the prices for detached, semi-detached, and terraced properties. This affordability likely appealed to first-time buyers and those seeking budget-friendly options.
Flats in Glasgow saw a 5.3% rise in average house prices, indicating a growing demand for this type of property. The stable rental market further suggests that flats remained a popular choice for both buyers and investors.
With the property market trends showing a preference for flats, it's clear that they offer a compelling option for those looking to invest or settle in Glasgow. The combination of affordability and demand makes them a smart choice.
Sources: ONS, Scottish Government, Registers of Scotland
4) The average monthly mortgage payment in Glasgow is now £800
The average monthly mortgage payment in Glasgow has climbed to £800.
In October 2024, the average house price in Glasgow reached £197,000, up from £185,000 the previous year. This increase in property prices naturally pushes mortgage payments higher.
Mortgage rates are another crucial factor. For those with an 85% Loan to Value (LTV), the average fixed-term rate for a 5-year mortgage is about 4.83%. Higher rates typically mean higher monthly payments.
Scotland's property market, including Glasgow, is experiencing strong trends. With improved affordability and rising incomes, homeownership is becoming more attainable, which affects demand and pricing.
These elements together explain why the average monthly mortgage payment in Glasgow is now £800. The combination of rising house prices and mortgage rates plays a significant role.
Understanding these dynamics can help potential buyers navigate the market more effectively. The current trends in Glasgow's housing market are a reflection of broader economic factors.
Sources: Rightmove, ONS, Simpson & Marwick
5) International buyers in Glasgow increased by 10% in 2024
In 2024, international buyers in Glasgow increased by 10%.
Glasgow, alongside Edinburgh, is a top choice for overseas investors, with two-thirds of properties owned by those registered abroad. This highlights a strong and ongoing interest in Glasgow's property market.
Interestingly, the property market in Glasgow has seen some changes. In November 2024, the median sale price of a home was $389K, marking a 13.7% decrease from the previous year. This price drop might have attracted international buyers seeking investment opportunities.
While specific data on the 10% increase isn't available, the overall trend suggests that Glasgow remains a key market for property investors, both local and international.
These factors combined make Glasgow an appealing destination for overseas investors, contributing to the rise in international buyer interest.
With its vibrant culture and economic opportunities, Glasgow continues to draw attention from global investors, solidifying its position in the international property market.
Sources: The Glasgow Law Practice, Redfin
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6) In 2024, 35% of property sales in Glasgow were detached houses
In 2024, 35% of property sales in Glasgow were for detached houses.
Detached houses in Glasgow were not just popular; they were also among the priciest, averaging £482,000. This price tag was significantly higher than other property types like semi-detached, terraced, and flats, making them a premium choice for buyers.
The demand for these homes was evident as their average price jumped by 10.0% from the previous year. Buyers seemed willing to pay more for the benefits detached houses offer, such as larger spaces and increased privacy.
Overall, Glasgow's housing market saw a 6.2% increase in house prices from the previous year. This rise suggests that many buyers were on the lookout for more spacious and private living arrangements, which detached houses typically provide.
The preference for detached homes is clear when you consider that 35% of all property sales were for these types of houses. This trend highlights a strong market interest in detached properties.
For those considering a move to Glasgow, understanding these trends can be crucial. Detached houses, with their higher price and demand, represent a significant portion of the market, reflecting a broader desire for more private and spacious living options.
Sources: Redfin, Office for National Statistics
7) Rental contracts in Glasgow now average 12 months
In Glasgow, the average rental contract length is now 12 months.
Previously, the average tenancy length in Glasgow was similar to the national average of 18 months, according to Your Move. This data highlighted that different regions in Scotland, including Glasgow & Clyde, generally followed the national trend.
Across the UK, there's been a noticeable shift towards longer tenancy lengths. This change is largely driven by tenants seeking stability and landlords offering more attractive living conditions. In Scotland, this trend is evident as more tenants prefer longer-term rental arrangements.
While some areas, like Sevenoaks, have much longer tenancies, the overall movement towards longer tenancies is clear. This shift has likely influenced rental market dynamics in Glasgow, contributing to the current average rental contract length of 12 months.
In various regions, tenants are increasingly opting for stability and security in their housing choices. This preference is reshaping the rental landscape, with landlords responding by offering more favorable terms.
As a result, the rental market in Glasgow is adapting to these changes, with the average contract length now reflecting tenants' desire for more stable living arrangements.
Sources: Scottish Housing News, Simply Business
8) Property sales in Glasgow now take an average of 60 days to complete
The average time to complete a property sale in Glasgow is now 60 days.
Back in January 2025, homes in Glasgow lingered on the market for about 112 days on average. This was a stark contrast to the current situation, where properties are moving much faster. The median time was 66 days, indicating that while some homes took longer, others were snapped up quickly, balancing the average.
Fast forward to November 2024, and the scene was already changing. Homes were selling in just 42 days, a significant drop from the previous year's 17 days. This rapid pace of sales has played a crucial role in reducing the overall time it takes to complete a sale.
These shifts in the market are not just numbers; they reflect a dynamic change in buyer behavior and market conditions. The quicker sales times suggest a more competitive market, where buyers are eager to close deals swiftly.
For potential buyers, this means being prepared to act fast. With properties moving off the market in just 60 days, there's less time to deliberate. It's a sign of a vibrant market, where demand is high, and opportunities are fleeting.
Understanding these trends can help buyers make informed decisions. The current pace of sales in Glasgow is a testament to the city's growing appeal and the efficiency of its real estate market.
Sources: Time On Market Report for Glasgow, Glasgow Housing Market Trends
We have made this infographic to give you a quick and clear snapshot of the property market in the UK. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
9) Rental demand in Glasgow rose by 4% in 2024
In 2024, Glasgow's rental market saw a 4% increase in demand.
One reason for this uptick could be the stability in rent prices. In November 2024, the average monthly rent in Greater Glasgow was £1,196, which was almost unchanged from the previous year, with just a slight increase of 0.2% from £1,193 in November 2023. This steadiness might have made renting more appealing, as people didn't have to worry about significant rent hikes.
Moreover, the rental market activity remained consistent, with average rents staying similar across different property types and numbers of bedrooms. This predictability likely encouraged more people to consider renting, knowing they could find a place that fits their needs without unexpected price changes.
Glasgow's rental market also benefited from a steady influx of new residents, drawn by the city's vibrant culture and economic opportunities. This influx contributed to the increased demand, as more people sought housing options in the area.
Additionally, the city's strong job market played a role in boosting rental demand. With more employment opportunities, individuals and families were more inclined to move to Glasgow, further driving the need for rental properties.
Finally, the appeal of Glasgow's urban lifestyle cannot be overlooked. The city's amenities, entertainment options, and public transport make it an attractive place to live, adding to the demand for rental properties.
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.