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Glasgow and Surrounding Areas, with an overall average price of £149,702, was similar in terms of sold prices to nearby Central Scotland (£156,339), but was more expensive than South West Scotland (£136,650) and cheaper than Edinburgh and Lothian (£222,907).
The most expensive area within Glasgow and Surrounding Areas was East Renfrewshire (£243,786) and the cheapest was West Dunbartonshire (£110,071). Overall sold prices in Glasgow and Surrounding Areas over the last year were 4% up on the previous year.
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. Glasgow’s suburbs are predicted to see the largest increase in average house prices in Scotland by 2021 according to new research released by the Barclays UK Property Predictor.
Known as Scotland’s economic powerhouse, Glasgow generates around £19.3billion GVA per annum – by far the largest of any Scottish city. Large capital investment through commercial property development, the Commonwealth Games and the City Deal (infrastructure investment) will see over £2billion of investment in the city’s infrastructure between 2010 and 2025.
Glasgow’s economic performance in the last 10 years has been extremely strong. Previous recessions caused long-term structural damages to the city, however, efforts to diversify following previous recessions have created one of the most broad based and resilient economies in Europe. Glasgow weathered the storm of 2008 and has emerged as one of the fastest growing major city economy in the UK, with 7% GVA growth in 2014.
Known as Scotland’s economic powerhouse, Glasgow generates around £19.3billion GVA per annum
Glasgow has improved its employment rate significantly over recent years, reaching its highest ever employment rate in 67.3% last year. Glasgow’s Economic Strategy plans to maintain or exceed the city’s employment rate at the national Scottish average over the period 2017-2023.
There has been a steady increase in the number of jobs in Glasgow in each of the last 3 years and much of this growth comes from the ever-growing service sector, reflecting the overall shift in Glasgow’s economy in the past 25 years. Glasgow has moved away from a primarily production-based economy to a service-based one, with up to 84% of Glasgow’s job belonging to the service sector. Vast numbers of these service sector jobs are focused on professional services, such as finance, information technology, business services, public administration, health and education.
Glasgow is home to over 130,000 students from 135 countries around the world. Almost 50% of the workforce in the city is educated to degree level, significantly above most cities in the UK. Employment in the city is now at its highest rate since 2004 and youth unemployment is lower than it was pre-recession.
In 2015, 606,340 people lived in Glasgow; this number is expected to reach 618,000 by 2024. Growth is projected to continue from that point at an even more accelerated rate. Glasgow is the only metropolitan area in Scotland and makes up a large percentage of the overall Scottish population. The greater Glasgow conurbation, according to the 2011 census, totalled around 2.3 million, accounting for more than 40% of the country’s entire population.
While some of Glasgow’s population growth is natural (births outpacing deaths) net migration accounts for a large part of the increase. The number of overseas migrants has shifted the ethnic makeup of the city resulting in a diverse, multi-lingual population. Additionally, the population is relatively young compared to the rest of the UK – over 70% of the population is working age.
Glasgow is home to three of Scotland’s largest and most prestigious universities: University of Glasgow, University of Strathclyde and Glasgow Caledonian University as well as the world-renowned Glasgow School of Art and the Royal Conservatoire of Scotland. Evidence from economic impact assessments on the Universities of Glasgow and Strathclyde demonstrate that for every £1 invested in each university, £8 is generated in GVA for the Scottish economy.
Glasgow’s three super-colleges are the largest in Scotland and are integral to the city’s pipeline of talent. They providing training in IT and business administration, hospitality and tourism related subjects, creative arts, and engineering and technology.
Glasgow has one of the most highly skilled and flexible workforces in Europe. 44.4% of the current working age population is educated to degree level or above. As the population has grown, this proportion with degree-level education has increased as well. So much so that, of the UK Core Cities, Glasgow has seen the 2nd highest increase in its degree-level population between 2009-2016.
Glasgow is a compact city and transport options are plentiful. The city centre is within an hour’s drive of three international airports, with Glasgow Airport only 15 minutes away. Glasgow Central, the city’s train station, carried over 30 million passengers in 2015-16 making it the 12th busiest station in Britain, and the busiest in Scotland.
The main M8 motorway passes through the city centre and connects to the M77, M73, and M80 motorways. The M8 motorway that crosses the River Clyde is the busiest bridge in Europe.