Property budgets climb 19% in Glasgow as Home Buyers adapt to rising prices and volatile mortgage rates

The average Home Buyer budget has climbed by over 19% in Glasgow over the last 12 months alone, as homeowners adapt to volatile mortgage rates.

Provided by leading new homes property website, newhomesforsale.co.uk, this latest data has revealed that the average budget for Home Buyers in Glasgow now stands at £289,445, being a 19.3% increase on the £242,626 budget recorded in Q1 2023.

The website, which lists eleven new build developments located in and around Glasgow city centre, has also confirmed that Home Buyers have now accumulated an average deposit of £40,986, being 14% of their target property purchase price.

With this budget far exceeding Scotland’s average property price of £190,000, as recorded by the UK House Price Index, Home Buyers looking for a new home in and around Glasgow can afford a sizeable 3-bedroom home, depending on location.

This news comes as the Bank of England held the interest rate at 5.25% in May 2024, resulting in an increase in mortgage rates across all major lenders as at the start of June 2024.

Discussing this latest data, Vernon Pethard, Founder and Director of newhomesforsale.co.uk said: “The last 18 months or so has been quite challenging for the UK property market, as Home Buyers battle with volatile and stubbornly high mortgage rates Vs their want to move house – be that to a larger property, to downsize or move locations.

However, despite the uncertainty that surrounds mortgage rates, property prices have continued to hold strong, and in many regions throughout Scotland actually increased in value. This includes Glasgow, with the city recording an impressive 13.4% increase in detached property prices for the 12 months to March 2024.”

Established in 1998, New Homes for Sale features over 2,400 developments from national house builders, housing associations and estate agents from across the UK and has established an unrivalled position within the new build sector.

For more information about New Build Homes in Glasgow, visit: https://www.newhomesforsale.co.uk/new-homes/glasgow-city/glasgow/