DEMAND for new build properties in Glasgow amongst First Time Buyers has increased significantly in recent years, according to the latest data from the leading new-home property website, newhomesforsale.co.uk.
The website, which lists eleven new build developments located in and around Glasgow, has revealed a massive 54% of enquiries for new build properties in the city were from First Time Buyers during Q1 2024, which is an increase on the 42% recorded in Q1 2023.
This demand comes despite the fact entry prices for new builds are £23,500 higher in Glasgow compared to the UK national property average of £284,950 [as of November 2023], with prices starting from £308,450.
Not only does this reinforce a clear and growing demand to get onto the property ladder despite volatile mortgage rates, but also cements Glasgow as one of the top locations for new home buyers following its recognition as the second-best city in the UK in late 2023.
Discussing this latest data, Vernon Pethard, Founder and Director of newhomesforsale.co.uk, said: “In working with housebuilders and estate agents in all regions of the UK, it’s clear to see which areas are seeing the most search demand – with Glasgow becoming increasingly popular amongst First Time Buyers.
Despite entry costs for new builds being higher than the average selling price of a property in Glasgow, more and more First Time Buyers are attracted by the low maintenance and running costs that come hand in hand with a new build when compared to an older property – particularly amidst volatile utility costs.
Overall, although 2023 was a difficult year for the property market, search volume and demand still remained high, so I think 2024 will prove much more positive – with Glasgow set to come out as one of the UK’s leading locations for the First Time Buyer market.”
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.
