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Regional Property Market Update Summer 2024: Scotland

Posted on: Wednesday, June 12, 2024


The property market continues its steady recovery. As momentum builds, buyer demand, transaction levels and prices are rising. All eyes are on the Bank of England for an imminently expected interest rate cut. 

 

Interest rate 

The UK economy grew by 0.6% between January and March 2024, marking the end of the recession (ONS). With inflation falling to just 2.3% in the 12 months to April 2024, close to its 2% target (ONS), the Bank of England is widely anticipated to cut the base rate imminently.  Economists at Capital Economics are forecasting the base rate to be at 4.5% by the end of 2024, with the first cut expected in August. With the economic outlook brightening, consumer confidence in May rose to its highest level since December 2021 (GfK Consumer Confidence Tracker). 

 

Election 

Rishi Sunak has announced a 4th July general election. Some fear an election could stall market activity, but this was typically when a significant policy change, such as Mansion tax, was mooted, which isn’t the case this time round. The first interest rate drop is expected to have a larger impact on activity this year. The election is unlikely to interrupt seasonal patterns of transactions, which typically peak in July and August anyway (Dataloft (PriceHubble), HMRC). With the sales pipeline already 3% higher than this time last year (Zoopla) it's unlikely that buyers already in the process of working to a sale will pull out. 

MAP Scotland Property Market

 

Reviving market

Transaction levels continue to recover, having climbed to their highest point since March 2023 and up 9.8% year-on-year (HMRC). This indicates a reviving property market, as improving economic conditions help ease household financial pressures. Despite mortgage rates remaining elevated for longer than anticipated, pent-up demand alongside the usual seasonal boost is driving increased buyer and seller activity. The market is experiencing a sustained uplift in sales, with 13% more agreed than a year ago. The sales pipeline is steadily rebuilding, and the market is on track for close to 1.1 million sales in 2024, a 10% increase on last year (Zoopla). Across Scotland, the most active housing markets are currently those of East Lothian, Midlothian and Renfrewshire, where close to one in every 19 properties has changed hands in the past year.

Property market update for Scotland

 

More choice

There are a fifth more homes available than the same time last year, the highest level of supply in eight years (Zoopla). The average agent outside of London now offers twice as many 4+ bedroom homes compared to February 2022, whilst there are 25% more three-bed homes available compared to a year ago, promising news for families looking to upsize. Increased supply is giving potential buyers more choice, however affordability is a key factor affecting budgets.

 

 

Contact us

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

 

What Our
Clients Say

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I would highly recommend Hardings. Their knowledge of the local area is outstanding, and they give honest and reliable advice. They have always been my partner of choice when buying and selling.

Rhiannon Prothero

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Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

TB

"

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!

Jonathon Beresford

"

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

"

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

"

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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We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

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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

"

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

"

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!

C D

"

Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

"

Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

Anna Bowen
How Much is Your Property Worth?

How Much is Your Property Worth?

A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.

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