Positive property market news in Scotland
As we predicted back in August, it’s looking like a good autumn for sellers with the Scottish property market moving positively into the final quarter of 2024.
Selling a house in Scotland this Autumn
The latest report conducted by the Royal Institution of Chartered Surveyors (RICS) details strong expectations for the housing market, with a net balance of 33% of surveyors in Scotland forecasting that house prices will rise over the next three months. This is following a reportedly busy September for Home Report instructions.
Looking at Rightmove’s September House Price Index report, the number of new sellers across the UK are up 14% on the same period as last year. Why is this? Well, home-owners are feeling more assured about listing their property for sale.
Part of the reason that home-owners are currently more confident about selling is that buyers find themselves in a more stable purchase position, with a general rise in average income and reduction in mortgage interest rates the motivation for this. The Bank of England lowered the Base Rate of interest for the first time in four years to 5% in August, with many expecting to see another rate cut before the end of the year. This puts buyers in a more confident purchase position as monthly mortgage payments are reduced.
Selling in Edinburgh, the Lothians, Fife and the Scottish Borders
If you are thinking of selling in Edinburgh and its surrounding area, there is more positive news with ESPC confirming that the average selling price of a property in Edinburgh, the Lothians, Fife and the Scottish Borders has risen by 4.9% in the same period as last year. As well as this, the number of new property listings is up 13.5%, which confirms a positive trajectory in this region.
Most interestingly, the ESPC reports that there has been a 10% increase in the number of properties being marketed using the “offers over” pricing method in the same period as last year, indicating confidence and assuredness from sellers in what is a competitive local market.
Director of Property Sales at Watermans, Alistair Lee, says
“The positive summer period has led us nicely into a similarly positive autumn. Properties that are priced appropriately are selling in a timely manner and general sentiment with both buyers and sellers remains encouraging. With people looking to move in before Christmas, we are expecting this momentum and positivity to continue.