Glasgow

Once again Glasgow and surrounding Local Authority regions of South Lanarkshire and Renfrewshire posted the largest year on year rises as a systemic imbalance between demand and supply tightened. Rents in Glasgow rose 5.7% to stand at £848 on average with a TTL of just 20 days. 75% of properties to rent in Glasgow let within a month. The reported figures for the Greater Glasgow region add further countenance to conjecture that the pandemic was leading to widespread exodus from cities.

Market Overview - Q4 2020

BedsAverage
Rent
Rent Change
1yr
Rent Change
5yrs
Rent Change
10yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed £644 4.4% 21.3% 45.0% 18 3 34% 78%
2 bed £886 7.3% 22.9% 46.0% 20 1 34% 74%
3 bed £1,097 1.5% 12.6% 33.3% 24 -14 28% 70%
4 bed £1,698 5.5% 35.2% 77.4% 43 -1 11% 22%
All £848 5.7% 21.0% 44.2% 20 0 33% 75%

Average Rent (pcm) by Number of Bedrooms

Average Time To Let (TTL) by Number of Bedrooms

Rental Index (base Q1 2008)

YearQ1Q2Q3Q4
2008 100.0 102.6 104.6 101.8
2009 102.3 101.4 103.0 100.7
2010 104.2 104.1 103.9 103.7
2011 102.3 106.0 106.7 105.6
2012 105.1 107.4 108.5 107.9
2013 108.1 109.0 109.0 108.5
2014 110.8 115.7 118.0 118.7
2015 119.8 120.8 120.6 123.6
2016 125.2 126.8 129.3 128.6
2017 130.5 133.2 131.9 130.9
2018 132.1 134.6 138.4 136.0
2019 136.2 140.9 141.6 141.4
2020 139.7 142.9 148.3 149.6

Market Composition

Yield by Popular Postcode (Flats):

Postcode20132014201520162017
G1 6.7% 6.1% 6.0% 6.2% 5.7%
G2 5.6% 8.8% 7.3% 7.5% 6.7%
G3 5.4% 6.0% 4.8% 5.5% 5.4%
G4 6.4% 6.4% 6.4% 6.5% 6.6%
G5 7.2% 7.0% 7.1% 6.8% 6.7%
G11 5.1% 5.5% 5.7% 5.4% 5.3%
G12 4.6% 4.7% 4.6% 4.8% 4.7%
Brian Gilmour

Brian Gilmour - Indigo Square

“The final quarter of 2020 saw the greater Glasgow area placed into Tier 4 restrictions which caused some confusion among tenants and landlords, with some thinking no house moves were possible and others thought it was business as usual. The number of properties vacated was low, restricting the availability of properties for rent and resulting in those properties placed up for let moving very quickly. We saw existing landlords increasing their portfolio size and whilst there was an obvious issue in areas popular with students, we also saw a new entrant in the requirement of tenants – renting a base close to vulnerable parents.”

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