A UK city has been named as the most in demand for its properties, but the location may surprise you. The Scottish city of Glasgow tops the list for the most sought after place for first-time buyers.
The average asking price for a typical first-time buyer property in the city is £148,979, significantly below the national figure of £228,551.
Alexander Turk, Estate Agent at AB Property Consultants, told the Express: “I think the lower average asking price compared to the national average asking price is because of the lack of investment in Glasgow, until recently. Things like the lower emissions zone coming into the city has made it more pedestrianised.
“Across Glasgow city centre now, you’ll notice more cultural things appearing. This makes the average asking price lower because these are only recent changes, which have happened in the last 2-3 years.”
Alexander explained that properties on railway lines sell the best, where residents can commute into the city centre, as high parking charges have driven people away from living in the city centre.
“The buyers right now are mainly landlords, because Glasgow represents good value for money to them. The 8% taking home tax has meant that it’s much cheaper to buy a property of the same size here rather than Edinburgh.
“Properties are selling for 3-5% above Home Report values on average. It’s an increase because last year, they were selling for Home Report values. So it’s a five percent rise.
“I don’t think the increase in price will stop until inflation stops. With things like minimum wage increasing and influencing people’s spending power, I don’t see any chance of it stopping in the near future.”
Glasgow also topped the list as the friendliest city in the UK last year by Condé Nast Traveller.
Peter Walker, Director at Savills UK, said: “From a first time buyer’s perspective, there’s really something for everyone. Buchanan Street is one of the biggest and busiest in Scotland, if not the UK. We also have one of the strongest education sectors in the UK, with four universities.
“It’s a diverse property market, the city centre market is buoyant because of the community there. I’d say that the properties which sell the best are ones with communities and good schooling around them.”
Peter explained that accessibility also adds to Glasgow’s appeal with Irvine Bay and Loch Lomond under an hour away.
“The West End of Glasgow is an extremely desirable neighbourhood, with your average sale price around £700,000 to £850,000. But more recently, the emerging property markets are in the East End of Glasgow.”
Popular spots for locals include the Kelvingrove Art Gallery and Museum, the Riverside Museum of Transport and Travel and the Glasgow Science Centre.
Research shows that first-time buyers tend to look towards Northern cities, with five of the 10 most in demand cities being located in the north.
The other most in demand cities for their properties include Manchester, Edinburgh and Leeds.