Glasgow house prices have dramatically increased, rising almost £50,000 in five years due to increased demand.
In January 2020, prices averaged £147,731. By December 2024, they reached £188,807. This means an increase of £41,076, about a 27.8% rise in price. The growth is 2.5 times more than the prior five years, when prices only went up by 11.4%. Now, people pay much more for a house.
Homebuyers now pay £58,938 more than ten years ago. House prices rose by about £113 weekly on average for a decade. Different areas saw varied price increases across Scotland.
Glasgow had the biggest house price rise in Scotland. East Lothian followed with a 35.1% increase, then Midlothian at 34.3%. Stirling’s increase was 34.2%, and West Lothian rose by 33.6%.
One expert said demand increased since 2020. The pandemic may have sparked this homebuying surge, as the prior five years only saw an 11.4% increase. Something significant changed in Scotland.
Remote work possibly shifted priorities, and people wanted homes to be more comfortable. The biggest price growth occurred near cities, suggesting people still need access to them for work and leisure.
East Renfrewshire had the highest average prices, followed by East Lothian, Midlothian, and Edinburgh. East Renfrewshire prices rose £77,089 recently, like £296 a week.
The expert thinks the market seems healthy but highlighted a problem with demand. Not enough homes are being built to meet it, and Scotland’s increases are ahead of England and Wales due to supply.
Rising prices can create a challenging market, as wages have not kept pace with house prices. It’s hard to initially buy a home, and moving to a pricier home is difficult. Still, the housing market seems vibrant, continuing to grow surprisingly quickly.