Your Scottish property market update for 2024 is ready
With so much to offer, from awesome city life to world-famous breathtaking scenery, lochs, glens, mountains, and idyllic coastal retreats, it is little wonder the Scottish market is outperforming the rest of the UK.
The good news is that it looks set to continue in 2024, with a beautifully inspiring selection of modern and characterful properties appearing on the market.
Strong and stable property prices
In November, the annual average price of a property in Scotland increased by +1.9% taking an average of 33 days to sell.* Contrast this to the southeast of England, where prices fell by -3.0%, taking an average of 67 days to sell. This is proof that the Scottish market is in a very healthy condition, and with lowering interest rates and inflation, 2024 looks like it will be a better year. While the market is showing good growth, it is not expected to skyrocket.
Value for money
Whether you are relocating from further afield or moving a few miles up the road, there are always magical new discoveries to be made, and finding a wonderful property that ticks all your boxes and represents good value will be on the cards for 2024. The average house price in Scotland was £195,000 in September 2023, which was substantially higher than the recent low in February 2023.**In November, average new seller asking prices in the UK stood at £362,143.*
The Scottish scenery
The beautiful scenery and vibrant culture in Scotland are as good as ever, if not better. Wherever in the world you are thinking of moving from, Scotland has so much to offer, and you can enjoy viewing some spectacular properties in breathtaking locations. The Scottish property market has a diverse and inspiring choice of amazing properties to compel a happier move, whether you are downsizing, looking for a family home, buying your first flat or investing in a holiday home.
Your future property will magically appear over Christmas
Many people, while enjoying the festivities, will take a peek online to catch an early glimpse of the many homes that appear like gifts at this time of year. This will give you a chance to glean an early start on the 2024 market. You could book a viewing of some awesome properties before other buyers have had the chance to find them. Or choose to make a swift sale as Boxing Day buyers get busy.
More mortgage products to choose from
Your mortgage benefits from a more stable base rate. This leads to a greater choice of cheaper mortgages appearing on the market. Moving home mortgages or porting your mortgage allows you to move home with your existing mortgage. This year has seen an increase in mortgage support schemes and longer terms, which make moving with higher interest costs more affordable. A good mortgage advisor, like a good agent, is key to making your move more possible and can explore options such as offset mortgages and interest-only mortgages. Next year, we should see a bigger increase in choice as the market settles.
Contact us to make an inspired and magical homemove
Rightmove*
Office for National Statistics**
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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