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Glasgow Property Market 2020 Review
Across Scotland, the housing market got off to a strong start with property prices increasing by 1.5% from 2019. By March, lockdown restrictions were implemented to curb the spread of COVID-19 and the housing market was severely impacted.
As a result, property sales quickly dropped and the number of homes coming to market decreased. Once restrictions were loosened by June, the Scottish property market bounced back faster than anyone could have predicted. In late 2020, the housing market boom continued as property transactions steadily increased each month.
The 2020 market downturn has been different from other difficult economic periods. For example:
- Growth in house prices before the crash were positive.
- Interest rates are at an all-time low.
- Furlough schemes, mortgages freezes and property tax holidays have shielded both homeowners and buyers from financial fallout.
Average House Prices in Glasgow in 2020
Since reopening in July, Greater Glasgow’s property market has seen a significant amount of growth, with 44% more agreed sales compared to 2019. As of December 2020, the average house price in Glasgow is around £193,000 (almost a 5% increase from December 2019).
Average rents for two-bedroom properties, increased above Consumer Price Index inflation of 0.5%, with the largest increase of 4.0% in East Dunbartonshire.
Estate agents have reported that the housing market in Glasgow is busier than ever, with more buyers looking to switch to new ways of living. In terms of different types of property, houses in Glasgow sold for around £172,000 and flats sold for £149,000. Across Scotland’s largest city, the right properties are attracting multiple offers and selling quickly.
Glasgow Property Market Predictions: What to Expect in 2021
- Sellers should be aware of changes in buyer behaviour as this is predicted to be one of the main factors that will underpin market growth.
- Market revival across Scotland is subject to different property prices and locations. Properties in Glasgow have shown their desirability selling on average in 16 days (the UK average is 27 days).
- Although the city centre property market is doing well, Glasgow’s suburban areas are expected to see the largest amount of growth going forward.
- Both affordability and access to nearby green spaces are driving property prices up in Scottish cities and suburbs.
Don’t Miss the Scottish Government’s Land and Buildings Transaction Tax (LBTT) Holiday
In Scotland, between July 15th 2020 until March 31st 2021 the Government introduced an LBTT property tax holiday to boost the Scottish housing market during the pandemic.
The LBTT holiday has the potential to save property buyers significant amounts of money, but this will vary depending on the price of the property. Find out more about the LBTT holiday in our recent guide.
Get a Home Report from Home Report Company
As a seller in Glasgow or anywhere in Scotland, getting a Home Report early in the selling process is the ideal way to prepare and reassure your potential buyers. Read our expert guide to learn more about Home Reports and what documents are included.
If you have any questions about buying or selling property or would like to ask us for more information give us a call 0131 608 0175 or email enquiries@homereportcompany.co.uk.
