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7 Reasons to Invest in Glasgow Property
The Glasgow property market – and Scotland as a whole – is enjoying impressive growth rates that are higher than the UK average. It is strongly believed that the Glasgow property market with continue to grow in the upcoming years, providing a fantastic investment opportunity that many are looking to take advantage of.
Here are seven reasons to consider investing in the burgeoning Glasgow property market:
A thriving economy
In 2014, the UK government pledged to invest over £1 billion in the city’s infrastructure, which has helped Glasgow’s economy thrive in recent years – and it looks set to continue for some years.
Because of this investment, jobs in Glasgow are on the rise, causing an influx of new people in the city. The combination of a strong economy and more people in work has led to an increased demand for rental property, which investors are taking note of.
The rental market has never been stronger
In only five years between 2011 and 2016, the rental market rose by a whopping 22.4 percent. The average prices for rent also enjoy strong growth, with prices increasing by 4.6 percent between 2015 and 2016.
Again, local letting agents will help massively when investing in buy-to-let properties in Glasgow. They have an in-depth knowledge of the city’s rental market, including the best areas to invest in buy-to-let.
It is the largest city in Scotland
With a population fast approaching 600,000, Glasgow is the largest city in Scotland and the fourth largest in the UK. Taking into account the Greater Glasgow area, the population is around 1,200,000, providing obvious benefits for sellers and those looking to lease property.
When including towns and urban areas less than an hour from Glasgow, you have almost a third of Scotland’s population - many of which are looking to move closer to the city. Considering these statistics, it becomes more apparent why the Glasgow property market continues to thrive.
A high student population
Glasgow has a strong student population thanks to four universities and even more colleges and further education establishments based in the city. This results in one of the biggest student populations in all the UK.
Letting agents routinely arrange for buy-to-let properties throughout the city, with students seeking accommodation in many different parts of Glasgow. If you are looking to invest in the Glasgow property market, buy-to-let for student property is a great opportunity.
A high young professional population
Similar to its booming student population, Glasgow is home to one of the largest young professional population in Scotland. With a higher average population of 20 to 40-year olds, Glasgow has the ideal buyer and renters market, so be sure to take advantage.
Commuting to and from Glasgow couldn’t be easier, while transport links within the city are plentiful. Ground level, low level, and subway rail networks are found throughout Glasgow, while there are countless bus routes that provide access to every part of the city, and that’s before you consider Glasgow Airport is one of the UKs busiest.
All of this ensures that the city remains an attractive prospect for young professionals, many of which travel from outside of Glasgow. In time, these professionals seek property closer to their work, providing a constant wave of new buyers and renters to city over the years.
Affordability for investors
While Glasgow property prices accelerate at impressive rates, they still fall far behind those in London and even nearby Edinburgh. As London is the main market for property investment, prices have skyrocketed to the point where return on investment is minimal.
Many investors stand to make much higher returns on investment when investing in Glasgow’s property market. As more and more jump on the bandwagon the chances of finding great investment opportunities dwindles, so make sure to take advantage now!