Market update from our Glasgow and Argyll branches
We look at what is happening in the property market during August 2024 with an update from our branches in Shawlands, Cardonald and Dunoon.
As you can see from the above snapshot of our figures for the month to date (August 1 – August 28 2024), we agreed 31 new sales with 34 new properties coming to the market during the month.
Despite a seasonal downturn in the market our buyer demand remained healthy with 426 new buyers registering during August for our ‘Heads Up’ property alerts, compared to 526 in July 2024.
We arranged 504 viewings for our clients and received 1,507 website enquiries for their properties, very similar to last month (505 viewings from 1,483 enquiries).
The rental market continues to be a tough market for tenants looking to make a move with competition for all properties. 361 new tenants registered with us during the month, an increase from last month’s 297.
Craig Smith from the Shawlands branch commented “This year feels like the first ‘normal’ market we have had for some years with seasonal trends back. The market has been quieter over the summer with the number of viewing enquiries per property down compared to figures a few months ago. However, buyer demand has remained strong enough for sales to continue to be high and now that summer holidays are unfortunately over and schools have returned we expect to see a an upturn in both properties coming to the market and enquiries.
Should this normal seasonal market continue then September through to the end of November is typically an extremely busy period. A further cut in interest rates would boost buyer activity even further during this period with mortgage rates already reducing as lenders react.”
Paul Burns from the Cardonald branch stated “The market continued to be steady throughout the month of August, as we have seen in previous months buyer demand is still high which is driving most sales towards closing dates with multiple bids well in excess of home report values.
Historically we have found that as the school holidays end in August and normality for families resumes there is always a surge of family homes coming to the market as people look to make a move before the next holidays in October or prior to Christmas.”
Zoopla House Price Index
We take a look at what is happening nationally with the latest Zoopla House Price Index released on 28th August. Here are the keys takeaways from the report:-
- House prices are 1.4% higher over the first 7 months of 2024 having fallen over the final half of 2023.
- All measures of activity are up year on year. The long awaited base rate cut has not had a major impact on market activity so far.
- Price inflation has improved across all areas, remaining slightly negative in Southern England but with London positive at 0.2%.
- 1 in 5 homes has had their asking price cut by 5% or more, an above-average level showing continued price sensitivity among buyers.
- It takes 28 days to sell a home with no asking price reduction, but 73 days if you overprice and then need to reduce by 5% or more.
- House prices on track to be 2.5% higher over 2024 with 1.1million sales.
- In Scotland, the average house price has increased 1.9% over the past 12 months with Glasgow at 1.6%, Edinburgh is 0.8% and Aberdeen is down by 2.5%.
As always, if you have any questions relating to the property market or would like to discuss the current valuation of your home, please feel free to get in touch with your local Scottish Property Centre branch.
Looking to move in 2024? Register for our ‘Heads Up Property Alerts’.
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