If you’re looking to invest in buy-to-let property, Glasgow is a great choice. It may not be Scotland’s capital, but Glasgow is bigger than Edinburgh – in terms of size and population. It is home to the UK’s fourth biggest economy, with a diverse industrial base taking in the digital, tech, financial services and low carbon sectors, among others. And it has three universities with a combined student body of more than 60,000. It also has an enviable cultural scene and easy access to some stunning wild places.
For anyone looking to invest in property, Glasgow is also pretty affordable. According to Land Registry data, average property prices in Glasgow are around £165,800 (February 2022) – almost £150,000 less than Edinburgh. Property prices have been rising steadily so now could be a good time to buy if you’re thinking of long-term capital growth.
Average rents in the city are currently £972 per month, according to CityLets, and have risen steadily over the past decade.
As with any major city, Glasgow has a diverse range of neighbourhoods with properties to match all budgets and target markets – whether hip young professionals, families looking for green space or the popular student market.
To give you some food for thought, here are some of the main Glasgow areas which you might wish to consider.
Glasgow city centre
City centre living will always be popular, especially with young professionals and Glasgow’s large student population. The centre has plenty of new builds and traditional properties in fashionable areas including Merchant City, Townhead, Charing Cross, and Cowcaddens all close to the universities and with good transport links.
The West End
This attractive and leafy part of the city sees high demand for rental properties thanks to its green spaces, cafe culture and great transport. Popular with families and young professionals alike, it is pricier than elsewhere but a good investment if you can find a property to suit your budget. Areas to look at include Hillhead, Kelvinside, Dowanhill, Yorkhill, and Partick.
The East End
If you’re after somewhere with character and cool, Glasgow’s East End might be for you. While parts of the east might feel run down, the past decade has seen huge efforts to regenerate the area. You’ll find affordable properties here, including in Dennistoun (rated the eight coolest neighbourhood in the world, by Timeout in 2020) with its iconic sandstone tenements and thriving independent businesses.
The traditional industrial heartlands south of the river Clyde present more of a mix for the investor. Regeneration has given the riverside neighbourhoods a modern feel, though you’ll find areas of deprivation too. Govan, Ibrox, and the Gorbals are affordable with good transport links. However, the pricier neighbourhoods of Shawlands, Newlands, Queens Park, and Langside are popular with young renters and families. Shawlands, with its wealth of coffee shops and restaurants and community feel, has made it into the Times’ best places to live in 2022. Newton Mearns and the surrounding area is an upmarket but pricier district.
Bearsden and Milngavie
While outside the city in East Dunbartonshire, Bearsden and Milngavie are popular residential areas, for commuters and families. As well as being close to the city they offer easy access to Loch Lomond and the West Highlands.
West of Glasgow Paisley offers good access to the city and its airport with frequent trains into the centre. It is further out, so property is cheaper – averaging £135,000 according to Rightmove, but rents will be lower too.
If you are thinking of investing in Glasgow’s West End, talk to us. We’d be happy to advise you about the best areas for your budget and target market and to discuss our services for landlords. Give us a call today.