The children are all settled back at school, and the changing weather leaves us with no doubt that Autumn is here. However, September is always a month of new beginnings. With Christmas just around the corner, many people start to think about whether their home still works for their family.
The rising interest rates may be causing pause for thought, but life continues, despite the increasing cost of living, and people will always need to move home, sometimes because of, and sometimes despite, the financial climate.
Let’s briefly look at what’s been happening over the last month in the local property market around West Lothian.
There are currently 434 properties available on the market in the area. The month prior, there were 399, with 355 in July and 338 in June. Things have started to calm back down to normal levels, and there is now more choice once again for buyers.
There is a steady number of properties coming onto the market each month. For example, in June, there were 205; in July, 202; in August, 224 and in September, 249.
In September, 210 sales were agreed. The month before, 205 deals were agreed. In July, 192 sales were agreed upon, and in June, 178 sales were agreed. As more properties come to the market, more sales are happening. Although the media has been talking about the market cooling, the local facts are that there is still a lot of activity.
There were 9 price reductions in June, and in July, we saw 10 price reductions across the West Lothian property market. In August, this number increased to 18, and in September, this jumped to 24. This could imply that some sellers’ or agents’ expectations of what the market is prepared to pay are not in line with reality.
In September, there were 48 slow movers in the West Lothian area. This means a property that has been on the market for 12 weeks or more. This could be due to the market returning to more normal levels but expectations still being at peak levels. In August, there were 37 slow movers and the month before, and there were 18. In June, there were 15.
Slow movers can often be due to the 3 Ps – presentation, promotion, or price. We are proud to be in the top 10 agents in the area with the smallest number of slow movers. Choosing the right agent for your property can make a real difference in achieving your moving plans.
In June, each property in the West Lothian area had an average of 208 daily views on Rightmove per property. In July, it was 172. In August, this number remained steady at 173. In September, this number fell slightly to 149. This is not unusual for this time of year, with many families focused on the back-to-school rush. The high levels of activity in the local West Lothian property market are likely to increase or, at the very least, remain strong in the final quarter of the year.
If you’re looking for further information about the West Lothian property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01506 637553 or email firstname.lastname@example.org.
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