Auction Properties in Glasgow
Why Look for auction properties in Glasgow?
In recent years there has been a huge interest in auction properties in Glasgow, Scotland. With a population of over 600,000, Glasgow is the largest city in Scotland and the 4th largest city in the UK. Its economy is worth an estimated £41 billion making it the most successful in Scotland. Although traditionally dependent on manufacturing and shipbuilding, the city has made a successful transition to other fields, notably high-tech industries.
Glasgow also has many jobs in tourism. Visitors go there for a city break and/or use it as a base for touring the Scottish Highlands. Other vacancies in sectors like retail and education make it an ideal city to live as there are plenty of job opportunities.
Above all, Glasgow is a vibrant cosmopolitan city with plenty to do. Despite its reputation as an industrial city, Glasgow boasts over 70 parks as well as 20 different museums and art galleries. It is not surprising that it was one of the first cities to receive the coveted title of European Capital of Culture (1990). There are plenty of other cultural attractions for residents to enjoy ranging from the Royal Scottish National Orchestra to live music venues of different sizes which cater to all musical preferences.
Another reason why Glasgow attracts so many people is its relatively low cost of living compared to other UK cities of a similar size. It has been estimated that it is 10%-20% cheaper than most English towns.
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How to buy auction properties in Glasgow
Even if you are familiar with the city, internet research is no substitute for going in person to check out the location of auction properties in Glasgow and is imperative if you do not know the city well. This can give you a ‘feel’ for the neighbourhood that you cannot get online. It will also open your eyes to see which areas are up and coming and where rejuvenation projects have already started.
This will enable you to pick up a property at auction at a bargain price before prices rise. If the building is run-down, pay particular attention to the home report, which must be supplied by the vendor and is another way that house sales in Scotland differ from the rest of the UK. This report consists of a survey, energy report and a detailed account of the property’s history.
Before bidding at a property auction, you should also ensure that your auction property financing is in order. Once your bid has been successful, you have a relatively short time to have a mortgage application approved, for example.
Auction Properties in Glasgow FAQ
How Can I Find Auction Properties in Glasgow?
Properties put up for auction in Glasgow can be found via local auction houses or online property auctions. These properties are marketed and sold via the websites of both Scottish and London-based auctioneers. There is not much difference between them in terms of procedure and prices. Both allow you to enter your key criteria such as price, location, etc. to narrow down your search. More detailed information about each property can be found in their auction catalogue.
How Much Are Auction Properties in Glasgow?
The average property price in Glasgow is around £200,000, but you might be able to pick up houses sold at auction for 15%-20% cheaper than those sold through solicitors or private sales. Interest from other bidders is the main reason that the auction house’s initial guide price can go higher. For this reason, it is a good idea to monitor the property price in the days leading up to the auction.
Where Is the Best Place to Look for Auction Properties in Glasgow?
Hillhead and the West End, Shawlands, Bearsden, Scotstoun, and Giffnock are some of the most popular areas for property investors. Buying an auction property in one of these parts of Glasgow is more likely to see a return on your property investment over a shorter time period. Property auctions in Glasgow are well attended and often have a high number of bidders, thanks to the popularity of the city.
Types of auction properties in Glasgow
Because of its manufacturing past, there are plenty of bargain auction properties in Glasgow if you are on the lookout for warehouses and factories. These could also be converted for residential use, but you should check local authority regulations and the location before committing yourself to such a purchase. A full building survey is also essential to pinpoint any structural issues which could drain your finances.
For those looking for family houses sold at auction in Glasgow, the city has a wide range of properties on offer. These range from modern developments in the ongoing rejuvenation project around Glasgow Harbour to detached homes in the cobbled streets of the city’s West End.
The traditional building material for Glasgow is sandstone so you will find many auction properties constructed of this material, ranging from sandstone villas in Giffnock to former tenement buildings in the East and West End.
For those prepared to commute, villages like Bearsden and Milngavie have larger detached properties put up for auction as well as cottages and barn conversions.
What are the best areas to Live in Glasgow?
Glasgow is divided into 5 regions: the city centre, North Glasgow, the Southside, the East and West Ends. The best area to live in Glasgow depends on your personal circumstances and your budget. Generally, south of the River Clyde tends to be less populated while the West End tends to have the most expensive properties for sale.
You will notice that the differences between ‘good’ and ‘bad’ neighbourhoods is not so clear cut in Glasgow. The low-priced area of Govanhill, for example, exists alongside the trendier area of Shawlands which is popular among first-time buyers and/or young professionals. They enjoy the fact that it is safe, friendly, relatively cheap and has regular transport links to the city centre. The same is true of the East End with some streets already done up while other properties are still quite run-down and are ripe for renovation for anyone who has the funds.
Investing in auction properties for sale in Glasgow
With its large population and 3 universities, it is possible to buy an auction property in Glasgow and then rent it out to generate a regular income. Before taking this decision however, there are several factors to bear in mind. First of all, rents tend to be much lower than English towns of a similar – or even smaller – size and average around £500-£550 a month. For this reason, you should not expect the same return on your investment. On the other hand, your original outlay will be much less as property prices in Glasgow are much lower.
Another point to remember is that property taxes in Scotland differ from those in the rest of the UK. If you have a buy-to-let property worth £40,000 or more, you are liable to pay the LLBT (Land & Building Transaction Tax) on the purchase. This is the Scottish equivalent of Stamp Duty so you should factor it into your budget when investing in a property in Glasgow.
Before buying an auction property in Glasgow, you should pinpoint who your ideal tenants are. University students, young professionals and people with young families would not necessarily wish to live in the same neighbourhoods nor will they have the same expectations. For example, close proximity to good schools.
Property experts predict that areas like Giffnock, Newton Mearns and Clarkston are all ripe for growth so now might be the chance to invest before prices skyrocket.
Useful Glasgow Property Resources:
Council tax in Glasgow from Glasgow City Council
Visit Glasgow – Information about the city of Glasgow from VisitScotland