Table of Contents
- Auction Properties in Glasgow
- Property Prices In Glasgow
- Where To Look For Auction Property In Glasgow
- What Type Of Auction Property In Glasgow Is Available?
- How to buy auction properties in Glasgow
- Auction Properties in Glasgow FAQ
- Types of auction properties in Glasgow
- Five Reasons To Buy Auction Properties In Glasgow
- What are the best areas to Live in Glasgow?
- Investing in auction properties for sale in Glasgow
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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Property Prices In Glasgow
In February 2020 house prices in Scotland had risen by 2.5% on the previous year and were up by 0.3% on the previous month. Terraced houses showed the largest increase and the average property price was £150,524. Additionally, in Glasgow prices had increased by 4% compared to 2019.
The housing market in Glasgow caters for all people so whether you are single, a couple or a family you will be able to find something suitable. Flats cost an average of £149,846 and the price for terraced houses averages £172,366. It is cheaper to buy auction properties in Glasgow than to buy a house sold on the open market. Property prices in Glasgow are highly dependant upon which area you choose to buy.
Where To Look For Auction Property In Glasgow
When searching for suitable auction properties in Glasgow you must take into account location and how much you have to spend. In addition, it is important to look at local transport and amenities. Listed below are five areas for consideration.
Shawlands is located around 2 miles south of the River Clyde and the majority (82%)of the local people lives in flats. A 1-bedroom flat in a block can be purchased for around £54,000. The M77 and M8 motorways are close by and there are buses to Glasgow city centre running 24 hours a day. As well as many tenement flats you can buy two-story terraced cottages and semis and detached homes.
Hillhead is a more exclusive area of Glasgow and is part of the fashionable West End district. There are many luxury apartments costing upwards of £400,000 but a 2-bedoom flat close to all amenities can be bought for around £185,000. Hillhead is on the Glasgow subway route giving easy access to all parts of the city.
Away from the heart of the city, Clarkston is a designated dormitory town with good sporting facilities and a National Trust property, Greenbank Garden. There are good road links to the city and the nearest motorway is the M77. The rail line also runs to Glasgow Central which is 5 miles north of the town. Property prices in Clarkston are more modest with a 2-bedroom apartment costing around £120,000.
Southside is an urban district of Glasgow and has bars, restaurants and a lively cafe scene. It is quite densely populated but is also close to some stunning parks and beautiful buildings. There are regular bus and train services to other parts of the city. Average house prices in Southside are £126,000 making this an attractive prospect for anyone with a lower budget who wants easy access to the city.
Glasgow Harbour (G11)
Glasgow Harbour has undergone a complete regeneration and is now a most sought after area to buy a property. Overlooking the River Clyde, A 1-bedroom flat can be bought for £99,000. The Clydeside Expressway links the harbour to the city centre and the Clyde tunnel. In addition to the many flats available you can buy a 2-bedroom end of terrace villa for around £200,000.
What Type Of Auction Property In Glasgow Is Available?
Glasgow is a large city and has a wide selection of auction properties available. Due to the industrial heritage of the city you can find units for commercial use as well as warehouses and retail shops. Glasgow has many apartment blocks known as tenements and these flats have large rooms, high ceilings and some boast original period features. Glasgow has good transport links but location is still important especially when considering price.
Residential Auction Properties In Glasgow
Glasgow is a large city with a wealth of residential auction properties. In the city centre you can find plenty of 1-bedroom flats some of which are located in older buildings. Guide prices start around £52,000. You can choose from detached villas, terraced homes and purpose-built flats. Glasgow also has lots of open spaces making it an attractive prospect.
Commercial Property For Auction In Glasgow
Due to its industrial past there are many opportunities to buy commercial auction properties in Glasgow. A retail property of around 4,000 square feet in Kilmarnock can start from a guide price as little as £129,000. Glasgow also has many bars, cafes and restaurants ready to occupy for new or existing businesses.
Buy-To-Let Property In Glasgow
A starter flat in Glasgow is a good investment if you are looking for buy-to-let auction properties. You can find flats that are already tenanted or choose an unoccupied property that would make a good holiday rental. Depending upon the location a rental income of £400 per calendar month for a 2-bedroom flat is a realistic value.
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.
Five Reasons To Buy Auction Properties In Glasgow
1. A City Full Of Culture
Glasgow is a city full of cultural activities. Whether you want to go to the opera, a museum or watch some curling, Glasgow has everything on offer. In 2009, the city was recognised as a UNESCO Creative City Of Music. It has the largest public reference library in Europe.
2. The Quality Of Life in Glasgow
As one of the great cosmopolitan cities in Europe, Glasgow has shopping malls, boutiques and a generous mix of nationalities all of whom make new residents very welcome. The variety of bars, cafes, restaurants and the twenty city parks also make Glasgow a very attractive place to live and work.
3. The Cost Of Living in Glasgow
Living in Glasgow will cost you less. On average it is 10% cheaper than other parts of the UK and 20% cheaper than the capital. The average salary is £27,000 but you can get a lot of property for your money in this attractive city.
4. Transport And Infrastructure
Glasgow has railway lines, road links, an underground metro and two airports so there is a lot of scope for travel either within Scotland or further afield. The M74 goes South, the M8 goes West and North and the M73 takes you to the East. The ring road around the city gives access to all areas and over the River Clyde to the southside.
5. Glasgow Is The Largest City In Scotland
The thriving city of Glasgow presents ample opportunities for jobs and there are three universities offering excellent educational standards. In spite of the size of the city, there is easy access to nature with parks, the botanical gardens and the Forth and Clyde Canal offering leisurely waterside walks. Glaswegians are friendly by nature so you will soon feel at home.
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