Greater Glasgow’s economy has picked up in recent years, led in particular by the finance and IT sectors. The city’s population grew by 8% over the last decade, supported by increased migration from outside Scotland. These factors have supported the 4.1% annual rise in the city’s average house price at the end of last year.

Similar to Edinburgh, across the city area of Glasgow there are 17% fewer properties currently available to buy compared to February 2019. This has capped transaction levels, particularly above £650,000. Meanwhile, demand for exceptional properties on the most sought-after streets remains strong, which explains the 2.4% annual rise in prime values in Glasgow at the end of last year.

Local markets

Glasgow City’s prime market at £400,000 and above bounced back in 2019, with a 12% rise in transactions, though – as in other parts of Scotland – this was less evident above £800,000, with sales over £1 million constrained by the availability of stock. Whilst Dowanhill, Kelvinside and Hillhead in the West End remain the prime hubs, much of the growth last year took place in the Jordanhill and Newlands neighbourhoods, and also Park, supported by new build sales at Park Quadrant Residences.

Outside the city, East Dunbartonshire was Greater Glasgow’s strongest performing prime location, with a 22% rise in transactions during 2019, led by both the second hand and new build markets in Bearsden.

Looking ahead, the year 2020 has begun with increased viewing activity from those looking to purchase a property. In these circumstances, we expect economic and population growth to feed into house price growth and give potential vendors the confidence to bring more stock to the market in areas of high demand.

_{Read the articles within Spotlight: Scotland Residential below.}