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Regional Property Market Update Autumn 2024: Scotland

Posted on: Monday, September 9, 2024

With a more positive outlook for autumn, confidence should continue to return to the housing market, as inflation remains under control and interest rates are now taking their first steps downwards. 

 

Setting the scene

The property market has remained active, if a little subdued, over the summer. However, the first bank rate cut in four years, along with subsequent accelerated mortgage rate drops, has resulted in a boost to buyer activity, providing a more solid foundation for the potential for stronger sales as we enter the colder months. The number of potential buyers contacting estate agents about homes for sale has increased from 11% year-on-year in July to 19% since the start of August (Rightmove). Increased political certainty and an improved economic outlook has also contributed to improving housing market sentiment. 

 

Solid activity

The housing market has proved resilient and fared better than many expected at the start of the year. Despite the added dynamic of the General Election, consumer confidence remains buoyant.  Mortgage approvals for house purchases in the UK reached 62,000 in July, their highest level in almost two years. This represents a 2.3% increase from the previous month and a 26% rise compared to a year ago (Bank of England). With improving sentiment, the latest consensus forecast predicts 2.2% house price change through 2024, up from a 2024 forecast of -2.2% at this time last year (HM Treasury Average of Independent Forecasts).

MAP Scotland Property Market

 

Increasing balance

The average estate agent has 33 homes for sale, 16% higher than a year ago (Zoopla). Improved supply and more buyers in the market has resulted in a more balanced housing market, with higher sales volumes but more stable price inflation. Two thirds of agents report that there are three or more prospective buyers for each of their properties currently available, compared to 55% when the same question was asked the previous quarter (Dataloft by PriceHubble (poll of subscribers)). At 4.3%, annual property price growth in Scotland has improved from 3% at the start of the year (UK HPI). Looking ahead, continued modest house price growth is expected for the remainder of the year, with stronger increases possible outside of expensive regions like the South East due to lower affordability pressures.

Location, Location, Location

Three years after the final lockdown restrictions were lifted, house hunters are once again prioritizing location over space, a shift from the previously well-documented 'race for space'. Transport links were rated as the sixth most important factor when choosing a property, rising 8 places from 2021 and ranked important by 74% of buyers. Buyers now value transport links more than square footage, which has dropped to seventh place, down from second in 2021 (Market Financial Solutions).

 

 

Contact us

Sell your property with your local expert this autumn. Contact your local Guild Member today.

 

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I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

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Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

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I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

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Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

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I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

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We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

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What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

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