This is what it costs to buy a home in Glasgow

This is what it costs to buy a home in Glasgow
This is what it costs to buy a home in Glasgow

How much do you really need to save to purchase a property in Glasgow, which areas suit your budget, and when is it time to buy?

The idea of buying a home is exciting but also overwhelming, particularly for first time buyers. We’ve broken things down to answer all of your questions.

The average cost of a house in Glasgow

At the moment, the average cost of a property in Glasgow is £175,295. This figure is £365 less (-0.20 per cent) than in July 2016.

For comparison, the average UK house price as of April 2017 was just over £220,000. This is £12,000 higher than in April 2016, and £3,000 higher than March 2017.

The most expensive areas to buy in

Glasgow

Picture: Bearsden is the most expensive area to buy in, Shutterstock

Bearsden (G61) is home to Glasgow’s most expensive properties, followed closely by the G77 postcode area (which includes Newton Mearns and Loganswell), as well as the Hillhead and Kelvinside areas of the West End (G12 postcode area).

The cheapest areas to buy in

Glasgow

Picture: a tenement flat in Scotstoun, Rightmove

At the opposite end of the spectrum, Easterhouse (G34) is the most affordable area of Glasgow for house hunters.

North of the city centre, homes in the slightly pricier G22 postcode bracket are the second cheapest, followed by the nearby Balornock and wider G21 areas.

A property in Easterhouse costs an average of £63,552 – prices here have not fluctuated much in the last year. For a home with a G22 postcode, buyers can expect to shell out £85,232 on average, or £87,408 for a G21 postcode.

The areas with the fastest rising prices

Picture: Prices in Glasgow’s suburbs are predicted to rise significantly over the next five years, Shutterstock

As well as being the third most expensive Glasgow area to buy in, the sought after G12 postcode area also has the fastest rising prices in town.

House prices in the area (where the University of Glasgow and Glasgow Botanic Gardens are both based) have risen by £2,377 on average since July 2016.

The central G1 postcode (which includes George Square, the Gallery of Modern Art and the St Enoch shopping centre) has also seen prices rise in the lasts year, this time by an average of £2,041.

To the east of the city centre, homes falling under the G32 postcode bracket have also increased in cost, now coming in at an average of £1,230 more than last year.

The areas with the fastest falling prices

Contrastingly, average property prices have fallen in Rutherglen and the rest of the G73 area by £1,289 since July 2016.

Further west, homes with a G41 postcode (an area which borders on Pollok Country Park, Queen’s Park and Govanhill) have dropped in value by an average of £1,259 in the same time frame.

Property prices in Clarkston and Eaglesham (G76 postcode) have also fallen, but only by £839, on average.

Average property prices by Glasgow postcode

G34 – £63,552

G22 – £85,232

G21 – £87,408

G67 – £89,235

G51 – £103,268

G45 – £104,128

G52 – £107,642

G40 – £112,100

G32 – £113,897

G31 – £115,125

G15 – £120,425

G42 – £123,432

G65 – £124,824

G23 – £126,475

G78 – £136,756

G75 – £137,289

G5 – £143,213

G73 – £145,223

G74 – £145,813

G33 – £150,754

G60 – £153,399

G4 – £155,435

G69 – £155,693

G20 – £155,813

G53 – £156,013

G72 – £161,261

G13 – £167,500

G14 – £168,575

G1 – £172,987

G44 – £177,942

G2 – £181,769

G66 – £183,209

G64 – £200,703

G11 – £200,714

G71 – £200,916

G41 – £204,885

G3 – £205,699

G68 – £209,319

G43 – £211,187

G76 – £239,292

G62 – £271,700

G46 – £274,694

G63 – £311,482

G12 – £315,941

G77 – £320,864

G61 – £341,441

 

How Glasgow properties might change in the future

Though house prices in the city centre are booming, earlier this year Glasgow Chamber of Commerce reported that Glasgow’s suburbs are expected to see the largest increase in average house prices in Scotland by 2021.

East Renfrewshire and East Dunbartonshire are predicted to see a 23.8 per cent and 22.5 per cent price rise, respectively, over the next five years.

Figures suggest that average house prices have not changed dramatically in Glasgow over the last year, but if house hunters are hoping to bag a bargain in the city’s affluent suburbs, it might be better to buy now before costs rocket.

Glasgow property: the extremes

The most expensive city centre property currently on the market in Glasgow is listed at £415,000.

The cheapest city centre property currently on the market in Glasgow is listed at £50,000.

Words: Alex Watson

Property information provided by Zoopla

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