Although 2022 is bound to bring many changes in the Property market in Scotland, many Investors and Buy-to-let Landlords will see opportunity within the chaos.
Coronavirus has changed the landscape of what was previously a buoyant market and the future for the market is now hard to predict, with a significant downturn in the economy and housing market now predicted.
Many investors will be looking for unique opportunities that this brings, here is the Gallus Property top tips for buy-to-let areas in Glasgow. If you are considering a buy-to-let purchase but not quite sure where to start, then see our Property Sourcing page or get in touch.
Just a few minutes-walk to Sauchiehall Street this is a student staple and fantastic buy-to-let location. With high demand from the nearby Glasgow School of Art as well as City Centre workers you can expect relatively low purchase prices with good rental returns. A recent renovation completed by ourselves gave over 10% yield by converting a one bedroom flat to two bedrooms, which would rent for £900 pcm (total spend £105k).
Mostly older Tenements which may need a bit of work there could be scope to get a project which provides good returns, regardless if you have a good property here then it should rent out well. Just beware that a high specification will be required.
Price range – £80-160k
While not the first area you might think of when you think of Letting in Glasgow, Bridgeton has become increasingly popular in recent years due to its proximity to Glasgow Green and City Centre.
You will find a mixture of Tenements and new build flats here. Without bursting the bank you will find some reasonable flats under £100k which should provide over 7% Gross Yield. Just make sure to check out the area thoroughly and ensure the block is well kept as the quality of housing stock will vary drastically.
A two bedroom at around £90k purchase price should rent for £600-650 pcm.
Price range – £70-120k
If ever there was a strange area where the lines are blurred between expensive Tenements, run down tenements and everything in between then it’s Queens Park. Admittedly you may need a bit of local knowledge for this one as it really changes street by street, even one end of the same street can vary drastically! But within that you can often find that there are some good bargains and at relatively low prices.
With the Hipster-brigade flocking to the cafes and pubs at Pollokshaws Road and nearby Strathbungo you will rent a flat all day here. Just beware of the nearby proximity of Govanhill, where the properties are of a lower quality.
You should be looking to pick something up for around £75k for a one bedroom here and rent it for £500-550 pcm.
Price range – £70-150k
Located right on the edge of the Merchant City, City Centre and Glasgow Green you couldn’t ask for a more convenient location.
This will attract lots of young professionals, mature students, sharers and couples alike.
Some of the properties here have good car parking facilities which is always a major bonus when attracting Tenants. Expect quite a few new build flats with a few Tenements in there. Should yield over 7% if one of the cheaper blocks of flats rents well, a recent purchase for an investor rented at £850 pcm and was purchased for £140k.
Price range – £120-180k
With the new Barclays centre under construction and in near proximity to the City Centre Kinning Park will prove to be popular with Tenants looking for something a little less-pricey than the City Centre.
Transport links are about as good as it gets with a quick bus route to the City Centre and a couple of Subway stations which will take you all around Glasgow in a matter of minutes.
There is a good mixture of traditional Tenements and new builds with parking here, the Tenements being a little cheaper but again beware of the communal areas as they will vary from block to block. Just beware that the closer you get to Ibrox the more of a mixed area it becomes in terms of quality of Tenements and their condition.
A purchase at £75k should give you a rental income of around £495 pcm.
Price range – £50-120k