Reasons to Invest in Property in the West of ScotlandInvesting in property is a decision not to be taken lightly and there are many key points to consider throughout the process. Deciding where and when to invest are often the biggest decisions and investing in a market in which you are not familiar can feel risky, however, approaching risk in the right way can often present us with reward.
The West of Scotland is an investment hub which has the potential to contribute nicely to your property portfolio, possibly leading it to thrive. The West of Scotland is a region which offers property investors an array of opportunities through allowing them to embrace multiple benefits.
If you are an investor who has ever pondered why investing in the West of Scotland would be the right opportunity for you then you should read on. Our blog series - “Reasons to Invest in …” explores the offerings key authorities in the West of Scotland bring to you as an investor. This article delves into the key benefits and advantages an investor can experience through investing in property in the West of Scotland overall.
PricesAs established throughout our recent blog series “Reasons to Invest in …”, there are multiple areas in the West of Scotland that have recently experienced great property prices and value.
Three of the most prominent areas in the West of Scotland, Glasgow, Renfrewshire and Inverclyde have witnessed a shift in property prices.
Glasgow has been named to have fairly priced housing, offering investors value for money. This incredible pairing has given Glasgow the opportunity to become the second most affordable city to live in. The advantage this presents to investors is the market for quality tenants is then widened as skilled workers and young professionals seek affordable, yet valuable housing within the city.
Looking at statistics may lead you to believe Renfrewshire’s house prices are continuing to increase without any real value to you as an investor. This, however, is not the case. Although these prices are on the rise, the Renfrewshire town of Paisley has been named ‘Britain’s Property Hotspot’ by Rightmove. This demonstrates there is ample opportunity for property investors to seek properties within Paisley.
For those property investors looking for an addition to their portfolio, however, not seeking a pricey opportunity, Inverclyde is the place to look. The end of 2020 saw Inverclyde named as the ‘cheapest place to buy a property’, making it a fantastic area to look.
InvestmentMany areas within the West of Scotland are currently experiencing regeneration through council and government investments.
Investments within these areas from these authorities are set to grow their attraction. These investments are currently focussed on modernising Renfrewshire, South Lanarkshire and East Renfrewshire.
Part of the investment into Renfrewshire by their local council is committed to building new homes within the area. Meanwhile, plans are also set to commit £100m into revamping the Paisley Town Centre, this will be done through resurfacing roads and improving Paisley’s indoor venues and outdoor spaces.
South Lanarkshire Council have also set out plans to proceed with building new houses within its local authority. This will see 504 new homes built throughout 2021. Part of their investment budget has also been set aside to improve the quality of their current homes.
As part of the Scottish Government’s Town Centre Fund Project, East Renfrewshire is set to experience improvements within its towns. The objective of this investment is to make local town centres increasingly attractive to its residents and encourage them to shop locally and support small businesses.
The commitment of investment shows these areas are up and coming and set for regeneration, potentially attracting more markets. The addition of new homes demonstrates to property investors that there is a demand for housing which they have the opportunity to benefit from by investing in property within these areas.
ConnectivityGlasgow is the hub of the West of Scotland, the place to go for many, attracting tourists, students and professionals. This is due to its incredible offerings as a city with one of these offerings being its incredible connectivity. Glasgow is well connected in both rail and road with Glasgow Central, the second busiest railway station in the UK after London and the M8, Scotland’s busiest motorway, Glasgow’s gateway to Edinburgh and more.
Despite its name, Glasgow Airport is located in Paisley, Renfrewshire, connecting Scotland to the rest of the world and in pre-covid 19 times, bringing in tourists and business people everyday. Renfrewshire is also well connected through bus, taxi and train services with many of its towns having more than one railway station.
Strong transport links throughout the West of Scotland is important in keeping the region well connected. Blessed with an array of transport options, residents of the West of Scotland are rarely stuck. This is advantageous for investors as great transport is often a deciding factor for tenants.
WorkforceThe West of Scotland is an area which is home to a range of industrial estates and big name businesses blessing it with an incredibly diverse workforce.
This region of Scotland is also flooded with universities and colleges, meaning the student life in normal circumstances is bustling.
This diversity is key for property investors to pay attention to as it opens up their scope to new markets and allows them to invest in new strategies. Additionally, property investors can benefit from a strong workforce as this strength could lead to areas flourishing in success. This can ultimately lead to a growth in value.
EntertainmentThe West of Scotland is an area which is not shy of entertainment and leisure facilities from shopping to snowboarding.
The West of Scotland does not fall short of entertainment for its residents and brings plenty to the table in offering exciting things to pass the time.
Leisure, shopping and entertainment can act as key contributors to the final decision of those choosing a home and therefore they must also be considerations for property investors.
ConclusionThe West of Scotland has a lot to offer property investors and residents, from strong transport to top education to fantastic entertainment.
Demand for housing within the West of Scotland is potentially rising, demonstrating to property investors that there is key opportunity available. Meanwhile, house prices are also experiencing a shift throughout the West of Scotland which investors should remain up-to-date with as this can present multiple opportunities for their portfolios.
Investment into towns across the West of Scotland will improve the attraction of the region and encourage new markets, which can consequently increase potential for property investors.
As a region which is fantastically connected to its surroundings the West of Scotland is a great place to invest or reside. The connectivity of this side of Scotland allows for convenience for its residents and also encourages the return of tourists and business people.
The West of Scotland has an incredibly strong workforce, priding itself on being the home of many big name businesses, universities and high-achieving schools. The strength of its workforce is one that keeps the region moving and innovating. Consequently, this attracts people from other regions with different backgrounds, skills, strengths and professions, making it an incredibly diverse and inclusive area.
Entertainment is not lost in the West of Scotland and people will rarely fall short of something exciting to do. The West of Scotland offers great variety, bringing something for everyone. This is key for investors as this will attract many to the market.
Disclaimer: This is information based on our knowledge gained throughout years of experience, education and learnings. This information is open to interpretation, therefore, you must carry out your own due diligence regarding the subject.