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
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
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
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