We find ourselves already halfway through 2021 with the ability to reflect on an unmatched 2020. The outlook for property investors in the UK this summer looks promising and Glasgow is an investment hotspot to watch.
We have discussed the resilience of the property market previously, but how has Glasgow property market specifically held up?
Glasgow City Centre living is staging a strong come back, buyer demand for flats has increased by almost 40% since January this year. It is likely that the gradual easing of covid-19 restrictions paired with the introduction of the government-backed 5% deposit mortgage guarantee scheme is helping to drive demand as the City Centre opens up again.
Even with a healthy demand for Glasgow’s property outlook, it’s important to ensure your investments are made with long-term intentions. This ensures a maximum return on investment.
Whether you are looking to expand your property portfolio this year or purchase your first property to let, the areas of Glasgow detailed below represent promising prospects for the near future:
Average purchase price: £139,490
Located in Glasgow’s East End district, Time Out magazine labelled Dennistoun one of the best places to live in Scotland this year (or ‘eighth coolest neighbourhood in the world’!).
A residential area with traditional pubs, craft beer bars, coffee shops, and family-run Italian restaurants. It is also home to medieval Glasgow Cathedral, known for its imposing Gothic façade.
This area presents a secluded island in the city’s East End for due to its sense of independence unlike any other corner of Glasgow. Housing is affordable and with a thriving cultural life and community initiatives, Dennistoun was a great place to live even throughout lockdown.
Average purchase price: £102,415
G51 is a large and diverse postcode area, located on the south bank of the River Clyde. You can find shopping centres and IKEA here, along with the Queen Elizabeth University Hospital.
As a major residential area, Govan is receiving significant investment such as a new bridge across the Clyde to connect to the popular West End district of Partick. This area is also luring multiple digital start-ups, and there is a growing food scene.
Connections to the City Centre are convenient, due to the Glasgow Subway line that runs through it with stations at Govan, Ibrox and Cessnock.
Average purchase price: £126,140
Located south-west of Glasgow, this area links to the north via the M8 and to the east via the M77. You can find a host of amenities and vast range of housing here. Therefore an appealing offer to landlords and tenants alike. Crookston and Hillington West stations provide train links into the City Centre.
Most properties here are houses built in the 1930s and 40s, along with flats originally intended for social housing. With the area currently undergoing regeneration, this could be an opportune place to locate your next affordable BTL in Glasgow.
Average purchase price: £187,719
Located amongst the bustle of Glasgow’s southside, Shawlands has been named one of the best places to live in Scotland. With a vast choice for cafes, restaurants and night life hot spots, there is no shortage of local businesses.
Housing found in Shawlands tends to be of high quality and paired with some of the best performing schools. With convenient links to the M77 and M8, it’s no surprise this area is a popular place to live. Shawlands is also within easy distance of superb outdoor space such as Queen’s Park and Pollok Country Park.
If you’re looking to invest in property or want to add to an existing portfolio, our expert team is here to guide you through every stage of the buying process. We can help with everything from finding the right property, to looking after your tenant.
Our mission is to provide a high quality service that is right for you; whether you want to be involved throughout, or you’d rather be hands off and leave the rest to us.
Read more about Tay Invest and get in touch here.
– Lee Hardy, Tay Letting West Senior Associate