Glasgow’s suburbs are predicted to see the largest increase in average house prices in Scotland by 2021 according to new research released today (May 24), according to the Barclays UK Property Predictor.
Affluent areas in Glasgow’s outskirts, East Renfrewshire and East Dunbartonshire, are set to rise by almost a quarter (23.8 per cent / 22.5 per cent respectively) over the next five years. Hot on its heels is City of Edinburgh (20.2 per cent) and Scotland’s central belt hotspot, Stirling (19.1 per cent).
Over the next five years, high employment rates, growth in private housing market levels and an increase in rates of average earnings will contribute to rising property prices across Scotland. The country is expected to see an overall average increase of almost 6 per cent across the next five years, making it the fifth highest performing region across the UK, behind London (11.88 per cent), East of England (9.38 per cent) the South East (8.74 per cent) and the Midlands (6.28 per cent).
The Barclays UK Property Predictor provides a three-to-five year forecast of investment hotspots on the residential property market, revealing the areas across the UK where house prices and rental incomes are expected to rise.
A spokesperson said: “East Renfrewshire is predicted to see the biggest property price increase in Scotland and is the only destination in Scotland to rank within the top 20 areas of highest growth across the UK behind Westminster (31.9 per cent), the Cotswolds (31.8 per cent) and Warwick (29.5 per cent).
“East Renfrewshire has long been considered an ideal place for aspiring young families to set up home. Up-market retailer, Whole Foods, opened its first Scottish store in Giffnock, while Newton Mearns and Clarkston are typified by excellent schools and high house prices. There is also a high proportion of highly qualified residents in East Renfrewshire, with 53 per cent of the population educated to degree level or higher. These qualifications are linked to higher potential earnings and a related upwards pressure on housing prices.