properties in west lothian - how has the market changed

Properties for sale in West Lothian. What’s Changed in a Year?

The West Lothian property market has seen some significant changes over the past year due to the effects of mini-budget and fluctuating mortgage rates and in this update, we’ll take a closer look at the data, analyse its impact on the market, and provide advice for those looking to sell their house in West Lothian.

The Numbers

The property market in West Lothian, like all areas, has changed over the past year. On the upside, property prices in the area have increased YoY by around 3.2%, with the average house price now at around £213,000. However, some factors have contributed to a different sales pattern from 2022. 

The number of properties on Rightmove, for example of 24 weeks, has increased by 128% year on year, with more houses on the market taking longer to sell, with an average of 194 days in March 2023 vs 111 days in March 2022. Furthermore, the number of properties that have had their price reduced has gone up by 500% YoY, indicating that homeowners are having to lower their prices to attract buyers. 

With increased competition, it is worth noting that you should always seek more than one quote when engaging an Estate Agent as, unfortunately, several agents are overpricing properties. All this means is your property will be on the market longer and run the risk of eventually dropping your price to achieve a sale.

New instructions to market have increased by 7% YoY, suggesting an increasing number of people wanting to enter the market as potential sellers. Property Webb is bucking that trend further by an increase of 33% on new instructions YoY.

The mini-budget imposed by the government last year, the subsequent rise in mortgage rates and the cost of living have undoubtedly affected house prices and the longer time to sell. As a result, there is no longer a wealth of people ready to snap up properties many times over the asking price, and as quickly. In addition, the uncertainty post-Brexit continues to cause instability in making buyers uncertain about investing in property as rental or investment properties.

What Does This Mean For People Looking To Sell Their House?

Well, it is not all doom and gloom. For example, at Property Webb, while we see a slowing in the market, our average time on the market in March 2022 was 54 days compared to March 2023 at 62 days. In the same way, a direct comparison of Property Webb price reductions in March 2022 vs March 2023 was zero properties. So, what does this mean for you?

First, to get a good price for your property, it is important to work with an agent who is aware of current market trends and sets a price that is competitive but still reflects the value of your house. Also, work with an agent who can help with strategies to sell your property. Strategies to get the best price could include:

  • Staging your property
  • Making necessary repairs or improvements
  • Engaging services such as professional photographers or videographers
  • Social media campaigns
  • Utilising agent’s contacts, relationships, and database of buyers

Ultimately, it depends on your circumstances and objectives and whether you are comfortable knowing you may have to wait or sell now. For example, if you’re looking to sell quickly, you may need to consider taking a lower price for a quick sale. A good estate agent will be able to advise you on how best to price your property to attract buyers and ensure that you get a fair deal. They will also be able to help you with marketing your property and finding potential buyers.

It’s also important to be aware of any fees or commissions you may have to pay when selling your property, and make sure to factor this into your budgeting plans. The cheapest commission rate is not always the best – particularly in a market where engaging an expert can mean the difference not only in the time of sale but the value of the sale.

Undoubtedly, the West Lothian property market has become more competitive due to economic factors. While it is difficult to predict how the market will behave over the next few months, it will likely remain changeable until there is greater clarity.  However, hopefully, with the information we have provided, anyone looking to buy or sell a property in West Lothian should be well-equipped to make an informed decision about their next move. Please do not hesitate to get in touch if we can help with any advice, your sale or if you are looking to buy in West Lothian.

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