When it comes to a Glasgow house price, you could easily say: “location, location, location”! But there is a little bit more to it than that. If you’ve already bought your house, then some of these are already outside of your control, but this will help you place it on the market. If you’re looking to buy, these factors could determine your affordability or return on investment.
7 house price factors in Scotland and the UK
This post discusses the parts of the housing market that aren’t to do with your property itself, but all the factors around it, that influence house price. You could add an extension to push your house price up, but that’s a topic for another day!
1. Demand
This is obvious. If you want to live in an exciting, hip and trendy suburb of a city, like Glasgow’s West End, you’re going to have to pay a premium for that popularity.
2. Schools and education
Live near to a university, and you’ll probably find many of the flats and houses bursting with students, not everyone’s favourite neighbours, unless you’re buying as a letting investment. But a good primary or high school is a huge pull for families who want to get into the catchment area.
3. Transport
Living close to a convenient transport hub, like Glasgow Central Station, or a junction of the M8, can be a boost to the price – as long as you’re not too close! Traffic noise and smells can push prices down. Think about investing in some sound insulation so prospective buyers are not put off.
4. Supermarkets
It’s called the “Waitrose Effect”. Living near a supermarket or good shopping district can add thousands to your house price.
5. Green space
Trees and well-kept parks make for a massive boost in the price your home could fetch. Places for kids to play safely are attractive and people will pay for them.
6. Safety and order
An area that is clean and well-lit at night, with low crime rate stats will be sought after by those wanting a stable family home. Where a thriving nightlife might appeal to younger people, older buyers will see the smashed bottle glass the next day and stay away.
7. The economy and politics
This part of your house price is just a fact of life. When interest rates go up it means that mortgage rates increase, meaning people are less able to afford homes! Other factors, such as government schemes to help people to buy or to inject new housing onto the market could make the chance of a sale go up, or down, accordingly.
Depending on the type of home you have, some demand could go down thanks to crackdowns on certain types of purchaser – like buy-to-rent property speculators or developers who want the land.
It’s not too late to make a difference!
If these all seem to be working against you for your already-bought home, see our 10 low-cost ways to increase sale price for your property for factors that ARE within your control!
Thinking of selling or buying a home? Want to know the house price?