Complete 2023 Guide.

Glasgow House Prices 2023

Glasgow House Prices

Key Takeaways:

  • The average house price Glasgow is £163,494.
  • You could almost buy two properties in Glasgow for the price of one in Edinburgh.
  • The most expensive postcode in Glasgow is G61, where properties cost £393,369.
  • Glasgow properties are predicted to grow at an average rate of 4.2% per annum until 2026 (JLL).

House prices in Glasgow averaged £167,691 in May 2023.

This price tag means there has been a Glasgow house price growth of 10.7% (+£16,143) in the past 12 months.

Average sold prices for first-time buyers in Glasgow is £150,821 – a 10.3% increase within the past year.

For non-first-time buyers, the average price paid is £198,232 – an 11.2% increase

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Glasgow House Price Trends

The most expensive type of property in Glasgow is detached houses, averaging £440,139.

Detached houses have seen the highest price increase over the past 10 years, rising by a whopping 86.4%.

Flats and maisonettes are the most affordable property in Glasgow, averaging at £140,140.

Meanwhile, semi-detached properties cost £242,270, and terraced homes cost £206,193.

Property Type January 2022 January 2012 % Difference £ Difference
Detached £440,139 £236,082 +86.4% +£204,057
Semi-detached £242,270 £136,171 +77.9% +£106,099
Terraced £206,193 £117,738 +75.1% +£88,455
Flats £140,140 £92,211 +52% +£47,929
Overall £166,529 £104,220 +59.8% +£62,309

House prices in Glasgow have been rising steadily over the past 10 years.

On the other hand, semi-detached property has seen an increase of £106,099 (+77.9%).

Over 10 years, the overall Glasgow house price growth has been £62,309 (+59.8%).

While growth began to slow following a small 2% rise in Glasgow property prices in 2019 (+£2,536), Glasgow property prices in 2020 increased by 4.8% to £135,881.

Our Glasgow house price graph shows a 12.2% increase from 2020 to 2021, before a further 9.2% rise in January 2022.

In comparison, Scotland’s average prices rose by 11.3% by January 2022.

The UK’s average prices also rose by 9.8%.

What will Brexit do to house prices Glasgow? 

After the UK voted to leave the European Union in June 2016, house prices in Glasgow were £113,948.

By the time the UK withdrew from the EU in January 2020, Glasgow house prices had increased to £135,881 (+19.25%).

Since withdrawing from the European Union on 31st January 2020, the average house price in Glasgow has grown to £167,691.

That’s a growth of 47.16% of sold house prices in Glasgow since May 2016 and 23.41% since January 2020.

And they don’t look as though they’re going to stop growing.

Are House Prices in Glasgow Rising? 

Are you wondering, “are Glasgow house prices going up or down?”

As of May 2022, Glasgow house prices are 10.7% higher than in May 2021.

And 1.8% higher than April 2022.

This growth of Glasgow housing prices is set to get even higher.

Real estate company JLL predict that properties in Glasgow will increase at an average rate of 5.5% in 2022.

The property experts predict that 2022 will see Glasgow house prices experience the most growth while 2024 will see the least at 3%.

This trend continues in the other two Scottish examples used by JLL, with 2022 being the highest year for growth in Edinburgh (6%) and 2024 being the smallest (3.5%).

Overall, JLL predicts property in Glasgow will grow at a steady rate of 4.2% per annum until 2026.

While this increase won’t be as significant as in Edinburgh (4.8%), it outweighs Scotland’s overall predicted growth (3.4%).

JLL’s Glasgow property price predictions:

  2022 2023 2024 2025 2026 Average pa
Glasgow 5.5% 4.0% 3.0% 4.0% 4.5% 4.2%
Edinburgh 6.0% 5.5% 3.5% 4.5% 4.5% 4.8%
Scotland 4.5% 4.0% 2.0% 3.0% 3.5% 3.4%

Are House Prices Slowing Down in Glasgow?

Although the UK housing market reached new records in May, Halifax predicts that the market is showing signs of cooling.

According to Halifax, Scotland was one of the few locations to record an annual house price inflation below 10% in May 2022 (8.3%).

The bank’s managing director Russell Galley says that a mixture of rising household costs and a slowing of mortgage activity is leading to the Glasgow property market’s slowing pace.

Edinburgh v Glasgow House Prices 

You might be thinking, ‘why are house prices so high in Glasgow’?

But in reality, average house prices in Glasgow are far more affordable than in the Scottish capital.

So much so that you could nearly buy two properties in Glasgow for what it costs to buy one in Edinburgh.

The average property price in Edinburgh is £324,947, which has risen by 11.6% over the past year.

That’s a mammoth £161,453 (+98.75%) higher than Glasgow.

Detached properties in Edinburgh are £762,763 (+£311,623 in Glasgow), and semi-detached are £462,167 (+£219,702 more than in Glasgow).

House sale prices in Glasgow for new build properties cost £92,898 more than an existing build (new build premium).

Whereas in Edinburgh, the new build premium is £95,933.

First-time buyers will also pay £111,720 more when buying in Edinburgh rather than Glasgow, and existing property owners will pay £206,182 more.

Where are the most expensive areas in Glasgow? 

Currently, the most expensive area to live in Glasgow is the G61 postcode.

The region covers Bearsden in the northwest of Glasgow, and properties cost £393,369.

Next up is G63, where properties cost £371,106.

This northern district covers Fintry, Killearn and the southern parts of Trossachs National Park.

G77 is the third most expensive area to live in Glasgow, where sold house prices average at £364,473.

The postcode covers Newton Mearns and Loganswell to the south of the city centre.

Where are the most affordable areas in Glasgow? 

The most affordable area is G34, where properties cost £66,980.

The eastern G34 postcode covers Provanhall and Easterhouse on the outskirts of the city’s ring road.

The second most affordable postcode is G22.

Properties cost £97,363 in this northern postcode covering Milton, Possilpark and Parkhouse

The third cheapest area is G67, where properties cost £99,191.

This eastern postcode covers the town of Cumbernauld.

Best areas to live in Glasgow 

Glasgow is home to many scenic and sought-after locations, a dream for many homeowners in 2022.

That’s why we’ve broken down five of the best areas to live in Glasgow, so you know exactly where to look:

  1. House prices in Glasgow West End (G12) average at £330,373.
  2. House prices Glasgow Harbour (G2) cost an average of £180,451.
  3. House Prices Glasgow Shawlands (G43) cost £228,636.
  4. House Prices Bearsden Glasgow (G61) cost £393,369.
  5. House Prices Giffnock Glasgow (G46) cost an average of £274,178.

For more on where to buy property in the Scottish city, check out our article on the best areas to live in Glasgow.

Are you looking to get started in Glasgow property investment? Read our complete guide.

Acknowledgements 

This guide to property prices in Glasgow was updated in July 2022.

The information comes from various sources.

We used the UK House Price Index with data provided by the HM Land Registry for house price data.

We used the JLL UK Residential Forecasts 2022 – 2026 for growth predictions.

Want to read more out Glasgow property? Read our complete guide.

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