As one of the leading Independent estate agents in West Lothian, Scotland, we at Property Webb are always on the pulse of the market to help our clients navigate the ever-changing property landscape. We’re starting the year 2024 with some encouraging data from Rightmove, which shows a promising early boost for both buyers and sellers in Scotland.
A Notable Increase in Property Prices and Timely Sales
According to Rightmove, the average property price in Scotland has grown by 5.3% annually, reaching £178,595 this January. In addition, properties are selling relatively quickly, with an average selling duration of 42 days. These indicators confirm that the Scottish property market is showing a great deal of resilience and may foreshadow a prosperous 2024 for both buyers and sellers.
Robust Buyers’ and Sellers’ Activity
The property market started the year with a remarkable flurry of activity. The number of new properties listed on the market saw a 15% increase compared to the same period last year. Meanwhile, buyer demand also demonstrated positive movement, with a 5% increase relative to equivalent figures from the previous year. Encouragingly, there was an impressive increase of 20% in the number of sales agreed in the first week of the year, suggesting revived buyer confidence in the market from the same uncertain time a year ago.
Mortgage Rates Stabilising?
Rightmove’s data also revealed an encouraging trend concerning mortgage rates. After a period of significant volatility beginning in September 2022, the average 5-year mortgage rate has fallen to a more comfortable 4.86%, a considerable drop from its peak of 6.11% in July 2023. This is a good sign for potential buyers and current homeowners looking to refinance.
Property Market Sneak Peek in 2024
Notably, the beginning of 2024 marked a significant increase in the UK average price for newly listed properties, rising by 1.3% (+£4,571) to stand at £359,748. This leap is the largest January increment since 2020 and much above the 20-year average rise of 0.6%.
The increase in properties listed and the sizeable price rise indicate that sellers are starting to feel more optimistic about the outlook for 2024. Overall, Rightmove’s early observation of buying and selling activity since the year began provides a hopeful prelude for those planning to make their move in 2024, especially after a cautious 2023. You can read the full report here.
At Property Webb, we’ll continue to provide insights and expert advice to help you navigate these promising developments in the property market. Stay tuned for further updates as we embark on this exciting year ahead!