Glasgow Property Prices in 2021 and Predictions for Next Year
What a year of recovery. After lockdown restrictions in 2020 severely impacted the UK housing market, 2021 became the ultimate comeback year. Record sale prices and extraordinary volume of sales made it the strongest year since 2007, with total sales set to reach a staggering £437bn as this year draws to a close.
Within the highly competitive Scottish housing market, the 2021 property boom has been evident across every region. In Scotland, the average house price has increased by 8.5% in the past 12 months fuelled by low-interest rates and buyer demand.
Industry experts Zoopla predict that house prices will slow to 3% in 2022, but the Scottish market is set to continue to do well. In Glasgow, with demand still outstripping supply, a healthy housing market is likely to continue.
WHAT ARE THE AVERAGE HOUSE PRICES IN GLASGOW?
From August to October 2021, the average selling price in Greater Glasgow was £365,748 according to the ESPC. The median selling time was down too, with the average property selling in just 15 days and properties going for, on average, a staggering 241% of Home Report achieved.
Two-bedroom properties were in the highest demand, with flats selling for an average of £164,833 according to current Zoopla estimates. Overall, Glasgow has enjoyed an increase in properties prices of 2.83% compared with 12 months ago.
GLASGOW PROPERTY MARKET PREDICTIONS: WHAT TO EXPECT IN 2022
Catering to all budgets and home buyer requirements, the market across Glasgow is set to remain strong for all types of buyers. As a result, continued growth in 2022 is expected
Due to strong buyer demand, Glasgow city centre sales are expected to rise by an average of 3.2% per year over the next five years.
Demand for flats is set to continue in 2022 with more first-time buyers taking advantage of new mortgages
Whilst city centre living remains in demand, Glasgow’s suburbs are also set to continue to enjoy the largest amount of growth – especially East Dunbartonshire and East Renfrewshire
Property sales are likely to continue to be quick, driven by pent-up demand for homes, private outdoor space and more open green space.
GET A HOME REPORT FROM THE HOME REPORT COMPANY
With the Scottish property market conditions looking positive, it’s always worth being prepared as a seller or a buyer. Getting a Home Report early is the ideal way to prepare and avoid any sudden surprises. Read our expert guide to learn more about Home Reports and what documents are included.
Andrew MacKenzie is a qualified Chartered Surveyor with over 20 years’ experience within the Scottish Property market. He specialises in all types of residential valuations including Home Reports, Private Valuation reports and Development Appraisals.
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