Property Market Predictions 2023 West Lothian (2)

Property Market Predictions 2023 – West Lothian

So, with a great deal of market analysis and crystal ball best guessing, there are several predictions for the housing market in West Lothian in 2023. But if we can take one thing from the last few years, results can quickly change, so here is our take on the most reasonable suggestions.

Looking back to 2022, we kicked off the year with significant demand levels, homes selling more quickly than ever and months of house price increases. Still, things settled down during the year, and business appeared to be returning to “normal” pre-pandemic levels. And then the mini-budget!! The markets were spooked, the banks responded, and interest rates increased. The result? A slowed-down housing market as people naturally paused to see where interest rates would go and a combination of affordability levels.

In 2022 Rightmove reported that properties in West Lothian had an overall average price of £206,900 over 2022, up 9% on 2021 and up 22% on the 2019 peak of £169,928.

There are several forecasts for 2023, from a 10% drop YoY to a 2% drop YoY. However, the generally agreed expected percentage decrease on 2022 based on interest rates stabilising and further market improvements is around 5% down. That said, prices will remain far higher than they were after 2021. Furthermore, the predictions made by Savills state house prices will start to recover from 2024, and the average house price is expected in five years to be more than £22,000 greater than it is now.

Irrespective of market conditions, homeowners continue to want to sell, and home buyers continue to want to purchase. In addition, we are experiencing significant interest in going to market in the usual busy season post-Christmas. 

It is also worth noting that with the imbalance of supply and demand, more people were looking to buy than were available, but with the market settling, buyers have more time and opportunity to ensure they find the right home. As a result, we have also had a significant interest in providing a full-service offering where we manage a sale from start to finish to ensure owners achieve the best possible price. 

The most effective estate agent is not the one charging the lowest fees but is (and always will be) the one that leaves clients with the most money in their pockets. But unfortunately, many sellers are not given the whole picture and, on the promise of a cheap fee, can instruct less effective agents, which could cost them big money. And when there is more competition and choice for buyers, it is even more vital that each property has a personalised property strategy and marketing campaign to showcase the property at its best and deliver the right buyer.

Excellent marketing is key to selling any home. We aim to ensure all our properties stand out amongst the competition, so we can generate strong interest and ultimately achieve the best price. Everything we do is bespoke, including:

🔑 A personalised strategy for EVERY property

🔑 Professional photography and floor plans

🔑 Exclusive social media promotion

🔑 Staging advice and support

🔑 Immersive property video tours

🔑 360 virtual tours and drone footage

🔑 Accompanied viewings

So ultimately, much of the market will suffer a little “softness” on 2022 average prices, but with the right agent and marketing, homes will continue to be sold to the right buyers. We have experienced many changes in the property market over our twenty years of experience and can confidently say we will continue to sell many properties in West Lothian in 2023 successfully.

Proudly independent, we live where you live and are specialists in your market. Our personalised property strategy, attention to detail and customer service have won us awards and accolades, which is why we’re among the 5% of best estate agents in the country. Combining traditional estate agency values with modern tools and processes that give you exceptional support through your property journey, we’ve helped generations of families move home.

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