The Downward Spiral or A Winter Surge?

The Downward Spiral or A Winter Surge?

Whilst it has been reported that Scotland is currently dominating property sales across the UK, there have been worrying signs from a recent Registers of Scotland statistics which reports a decline in sales in 30 out of 32 of the local authority areas.

It is not all doom and gloom though, as Perth and Kinross did see a rise of 4.4% on Quarter 2 of 2024, compared to Quarter 2 of 2023 with the first 6 months of the year being relatively buoyant, with a good all round turnover of sales and new properties marketed.

One dominating factor of 2024 has been the definite surge in higher end properties of £450,000+ with the majority of these sellers downsizing or wanting to move closer to towns from more rural areas. This area of the market has always been more niche, with fewer buyers looking, which has resulted in a slightly top heavy market, with buyers having a wide choice and thus resulting in slower sales times in this particular price bracket.

With the virtual disappearance of the Buy To Let market, rising rents and lack of rental properties, First Time Buyers are now increasing, with a strong market for properties around £150,000 and under. This is also true for 3 & 4 Bedroom properties, particularly semi detached family homes, centrally located, with most of these properties still achieving Closing Dates or receiving sizable offers over the home report valuations.

With an eagerly awaited Budget, and the hope for a decrease in the mortgage interest rates, there is a lot to keep an eye on.