Compare My Move have helped thousands with their Glasgow removals over the last few years. We're no strangers to the ins and outs of moving house, and we know it pays off to be as informed as possible ahead of your move. So we thought we'd look at how the housing market has changed over the last 10 years in Glasgow to keep potential Glasgow house buyers in the know.
We've taken a look at how the Glasgow housing market has evolved over the last decade from a range of data sources, to help inform your choice if you're looking to move in or to Glasgow.
How has housing stock in Glasgow changed over the last 10 years? Well, we've taken a look at the latest figures from the National Records of Scotland to find out.
Over the last 10 years, the overall number of dwellings have increased by 10,720 in Glasgow City. This is from a total of 296,644 dwellings in 2006, to a total of 307,364 dwellings in 2016, the latest figures available.
The lion's share of dwellings in the city are flats, with 73% of all dwellings in Glasgow City being described as flats. This is a fact that hasn't changed in the last decade, as in 2006 flats accounted for 74% of all dwellings. If you're moving to Glasgow, there's a high chance you'll be renting or buying a flat.
The data shows that detached houses are at a premium in the area, with a total of 11,515 being recorded in 2016. Although the number of detached houses have increased by 26% from the count in 2006, they still only account for a meagre 4% of total dwellings.
Of the change in dwellings over the decade, terraced houses account for 38% of the total increase, increasing by 4,084 between 2006 and 2016, and accounting for 12% of total dwelling stock in the city.
We’ve gone through the types of dwellings that make up the Glasgow City landscape, but how much are you expected to pay on average for each type?
We've compiled official data from the HM Land Registry House Price Index between June 2007 and June 2017 to show you the price of purchasing a house or flat in Glasgow City.
As we've established previously, with a far smaller stock of detached houses in the area it's no surprise that the average cost for detached houses soars so high above the rest. Notice how the average cost of a Glasgow flat remains low, bringing down the overall average because of the sheer number of them outlined in the previous section.
There's an obvious slump in average prices which coincide with the 2008 financial crash. It's interesting to note that the average Glasgow prices haven't recovered from this, not yet surpassing the average price in 2007. In contrast, average house prices in Scotland as a whole have recovered, surpassing the average price in 2007.
Plus, the gap between the average house price in Glasgow and Scotland has increased over the 10 years too, with the average Scottish home costing £22,507 more than the average Glasgow home in June 2017, compared to a gap of £13,981 in June 2007.
In Glasgow, average costs for detached, semi-detached and terraced houses have also recovered from the 2008 slump, increasing in 2017 past the 2007 levels. Flat prices however have not recovered, and are still below the 2007 average costs. Although in the last 5 years flat prices have increased on average, flats continue to be the cheapest and most common option for those looking to buy property in Glasgow.
Take a look below at the house prices fluctuation over the last 10 years, and notice how the average for Scotland sits above the average for Glasgow. It's also worth noting the yearly peaks and troughs, which imply the best time to sell a house (and get on average a better price) in Glasgow tends to be around September!
How far will your money go in Glasgow when purchasing a property? Let’s have a look at the latest data from the Bank of Scotland, figures for the cost of property per square metre in 2017. This is important to know, as it indicates just how much space you will get for your hard-earned money when you are looking to buy in the area.
In Glasgow, the average price per square metre for property was £1,578. To put it in perspective, this is just above the average for Scotland as a whole, which has an average of £1,529 per square metre. But compared to the average across Britain, you still get a decent amount of space for your sterling in Glasgow, because the average per square metre in Britain was £2,260 in 2017.
So if you want more space for your money, moving to Glasgow seems to be a good choice on average. Certainly in comparison to Scotland's capital Edinburgh, which has an average house price of £2,492 per square meter, which is the only area in Scotland which is above the UK average.
As well as a good indicator of the cost to size ratio of your dream house, the price per square metre is a good way of keeping an eye on housing market growth in the area. 5 years ago in 2012, the average house price per square metre in Glasgow was £1,335, which has increased by 18% to today’s amount.
This is above the average increase in Scotland as a whole, which has seen a 12% increase per metre square over the last 5 years. However, this is dwarfed by the average increase nationally, with house price per square metre increasing by a massive 34% on average across Britain in those 5 years.
So although compared to 5 years ago you'll be getting less space for your money by buying a property in Glasgow, you'll still get more space for your house price on average than elsewhere in Scotland and the UK.
We hope that this article has given you more of an idea of the current housing market in Glasgow, and how it has changed over the last 10 years. Because when it comes down to it, research is a vital thing when you're buying a house or looking to move.
We're here to help you research your dream house, so check out our other guides on buying a house, and what to expect in Glasgow as a city. And when the time comes, use Compare My Move as a tool to save you money and time on your house removal in Glasgow.