Buying real estate in Glasgow

Average prices of buying property in Glasgow

As of June 2019, the average price of a detached house anywhere in Glasgow is £340,000, while the average price of a flat is £143,000. In average price (£) per square foot, this translates to £218 per sq. ft. for a house, and £198 per sq. ft. for a flat - in average price per square meters (m²) this equates to £2,346 and £2,131, respectively.

Cheap and expensive neighbourhoods in Glasgow

There are many different neighbourhoods to choose from in Glasgow. The cheapest area to live in is the suburb of Easterhouse, located close to the eastern border of Glasgow. On the other hand, the most expensive area is the Kelvinside area of Glasgow's West End due to its proximity to amenities and the renowned University of Glasgow. Average house prices in these two areas are £130,000 and £450,000, respectively.

How to buy a home in Glasgow

So, how do you buy a home in Glasgow? Homes in Glasgow, like in the rest of Scotland, are often sold through a blind bidding system, also known as "offers over". This means that the seller will specify a minimum price, and potential buyers will submit secret offers that are around or over the specified price. Usually, the bid that is the highest wins, but it is up to the seller to decide which offer to accept. This means that competitive properties often are sold at prices higher than the specified price. Hence, if your budget is £300,000, you might want to look at properties with minimum offers around £200,000.

If you are considering buying a house, the seller must legally provide you with a Home Report. A home report consists of an energy report, a single survey and valuation, and a property questionnaire. The survey informs you about the condition of the house including if the house needs any repairs, whereas the property questionnaire gives you more information about the house, such as what council tax band it is in. The energy report can give you an estimation of how much electricity and heating will cost.

To make an offer on a house, you should contact the seller through a solicitor. Hiring someone with legal expertise who can guide you through the whole house-buying process is essential. Using a local solicitor is optimal as they will be familiar with the local housing market. Once you and the seller have agreed on terms, you have a binding contract - backing out after this point can cost you thousands of pounds in damages. Your conveyancing solicitor will then ensure the ownership transfer occurs under legal requirements and will inform you of any limitations or obligations associated with the property.

Once the legalities are taken care of, you will be free to move into your new house, and your name will be added to a register of those owning property in Scotland. Besides paying for the cost of your home, and for your solicitor, you also need to pay a small number of fees called "outlays".

Glasgow housing market

While it can be harder than ever to secure a property in Glasgow due to competitive prices being at an all-time high, having the right knowledge when approaching solicitors and sellers will go a long way. Regardless, buying property in Glasgow is extremely rewarding as you get to live in a vibrant city filled to the brim with great people.