Market update from our Glasgow and Argyll branches
We take a look back at December and 2023 as well as some thoughts on what is in store for the property market in 2024.
As you can see from the above snapshot of our figures, 2023 finished a lot stronger than we anticipated with 20 properties selling and 11 new properties coming to the market in December. Demand was still healthy with over 1,000 enquiries, 236 new buyers and 300 new tenants registering for our ‘Heads Up’ property alerts.
This all bodes well for a fast start in 2024.
A final thought from our agents on the year past and what lies ahead -
Walter MacLean from our Argyll branch in Dunoon commented “What a wonderful end to a busy year, despite the storms of course! We have sold more properties in 2023 than we achieved in a very successful 2022, which is fantastic!
Our Scottish Property Centre Argyll Branch continues to sell properties over the home report value which is a big boost for our all-important sellers.
Activity in the marker has quietened down as buyers finish off their Christmas shopping in preparation for the big day but the buyer’s we have at the moment are serious and several offers have been accepted in this final week before Christmas! Our owners are over the moon with their early Christmas presents!
We are already looking forward and planning for January 2024, with new properties ready for the New Year along with potential buyers registering with us in anticipation. It should be another exciting here for us all.
Wishing all our clients, buyers, family and friends all the best for Christmas and the Happiest of New Years!”
In Glasgow, Chris Tolland from the Cardonald branch stated “Our Cardonald branch has enjoyed a busy year in 2023; with 176 properties sold in our local area, giving us a market share of almost 20%.
Most notably, we consistently achieved sales above the home report value; further solidifying Cardonald and surrounding areas as a vibrant and sought-after locale, with plenty to offer for all buyer types.
This trend stretched into the latter months of the year. Despite the market slowing down as Christmas nears, we have set two closing dates this week and achieved excellent sales for our clients.
Looking forward to next year, we hope to continue the sales numbers we achieved this year whilst providing our bespoke and personal service to our clients.
I’d like to wish everyone a Merry Christmas and happy holiday!”
Staying in Glasgow, Craig Smith from the Shawlands branch, commented “2023 has thrown up many challenges with a reduction in the number of properties coming to the market for sale and the increase in interest and mortgage rates over the course of the year. However, this has resulted in values in Glasgow holding firm over the last 12 months, whilst other regions have seen reductions.
The lack of available properties has seen healthy competition between buyers remain with the majority of properties continuing the trend of selling over the home report value. Over the course of 2023 we managed to achieve a combined £1.3million over the home report value for our clients, working out at an average of 8.5% over the home report value per property.
A busier than anticipated November and December, along with the mortgage market and interest rates stabilising, would suggest that we are in for a busy start to 2024.
There is a lot of pent up demand in the market, with owners putting plans on hold whilst interest rates climbed. The predictions that interest rates are likely to hold for the foreseeable future will have people re-calculating their affordability and planning their next move again.
We'd like to wish eveyone a very Merry Christmas and New Year when it comes.”
Here is a snapshot of our year as we look forward to a successful 2024 -
The final UK House Price Index of 2023 by Zoopla indicates annual house prices across the UK have fallen by -1.1% over the past 12 months.
Scotland continues to out-perform expectations with the values still marginally increasing by 1.3% nationwide.
In Glasgow the annual house price growth is also currently at 1.3%, with Edinburgh at 0.9%. However, Aberdeen has seen one of the largest falls in the UK with values dropping -2.6%.
The main takeaways from the report are: -
• Annual house price inflation is -1.1%, down from +7.2% a year ago. In Scotland, annual house price inflation is at +1.3%
• Market sentiment improving with new sales agreed +17% year on year
• House price falls starting to moderate as sales improve
• Mortgage regulations a key reason for only modest price falls in 2023, along with strong labour market and rapid earnings growth
• First time buyers are largest group of would-be movers in next 2 years (40%) followed by upsizers (34%)
• House prices to fall 2% over 2024 with 1m sales
Finally we’d like to wish all our clients, past and present a huge thank you for 2023 and we can’t wait to meet lots of new customers in 2024!
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