Glasgow

Rental growth in Glasgow continues to accelerate, up 10.3 % over the quarter compared with annual growth of 8.9% in Q2. Demand, already underpinned by strong fundamentals, will likely have received further boost from the upcoming COP26 summit with supply reduction from some landlords switching to short term rentals, stock which may re-avail towards the end of the year. On any view, the rental market in Glasgow is currently subject to dry high demand relative to supply pushing rents up ever higher to stand at £928 on average as at Q3 2021.

Market Overview - Q3 2021

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 £689 6.0% 23.5% 48.5% 16 -11 44% 83%
2 bed £946 11.6% 25.5% 54.1% 20 -17 43% 78%
3 bed £1,345 12.3% 33.2% 59.9% 23 -21 32% 70%
4 bed £1,923 6.7% 34.7% 64.2% 30 -21 22% 61%
All £928 10.3% 26.6% 53.4% 19 -17 41% 78%

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 139.7 142.9 148.3 149.4
2021 147.8 155.6 163.7  

Market Composition

Yield by Popular Postcode (Flats):

Postcode20162017201820192020
G1 6.20% 5.70% 4.90% 6.00% 5.80%
G2 7.50% 6.70% 7.00% 6.60% 5.90%
G3 5.50% 5.40% 5.30% 5.30% 5.30%
G4 6.50% 6.60% 5.30% 6.00% 5.90%
G5 6.80% 6.70% 6.40% 6.70% 6.40%
G11 5.40% 5.30% 5.00% 5.20% 5.20%
G12 4.80% 4.70% 4.40% 4.80% 4.20%
Colin Macmillan

Colin Macmillan - Glasgow Property Letting

“Q3 has seen unprecedented demand for properties in the private rented sector. There has been a limited supply of quality property available and this has led to inflated rental values across the city. The traditional student rush for properties has also been in the mix as many universities and colleges have decided to carry out face to face learning culminating in a late surge of demand for traditional student hotspots. With COP26 looming many landlords are seeking to profit from the short term rental demand opportunities available to delegates and visitors for the duration of the conference and we may well see these properties arrive on the market around the turn of the year.”

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