Market update from our Glasgow and Argyll branches – December 2024
We reflect on 2024 and give some predictions for the property market in 2025 in our last monthly update of the year from our branches in Shawlands, Cardonald and Dunoon.
As you can see from the above snapshot of our figures for last month (November 2024) we agreed 37 new sales with 30 new client instructions.
Buyer activity is still down from earlier in the year, however figures remained steady when compared to October. 372 (414 October 2024) new buyers registered for our ‘Heads Up’ property alerts and 1,581 (1,394 October 2024) website enquiries for our owners properties resulted in 459 (465 October 2024) viewings being arranged.
After a drop-off for a couple of months, tenant demand was surprisingly back up with 423 new tenants registered with us during the month, compared to around 300 in both September and October.
2024 Review and Outlook for 2025
In Glasgow, Craig Smith from the Shawlands branch commented – “2024 has been a memorable year as we celebrated the milestone of our 20th anniversary and partnered with the Prince & Princess of Wales Hospice as our charity of the year. We’ve hosted night’s out, raffles, auctions, golf days and even took part in a 100ft zip slide across the Clyde! It’s all been good fun and in support of such a great cause.
The Glasgow property market in 2024 has been steady and a lot less volatile than recent years. With interest rates stabilising for much of the year, 2024 has felt like the first ‘normal’ year for some time. Any dips in the market were generally seasonal as buyers, and sellers, have now adjusted to the new mortgage levels after over a decade of record low interest rates.
There continues to be a supply and demand imbalance in Glasgow, as there is throughout most of Scotland. This has seen property prices continue to increase over the year and sellers benefitting from sales well over home report value.
The year ended stronger than expected and we still had plenty of activity in December with closing dates for several properties. However, the advice for most home owners we visit at this time of the year is to hold off marketing until January unless there is an urgent need to get on the market.
For 2025 we are expecting much the same, a steady market with values increasing slightly over the year. Interest rates are anticipated to fall which should keep mortgage rates competitive.
We are looking forward to our 21st year and have some big announcements coming soon.
We’d like to wish all out clients, past and present, a very Merry Christmas and Happy New Year.”
Walter MacLean from our Dunoon, Argyll branch commented – “Now we are nearing the end of 2024 and can take stock of another successful year for Scottish Property Centre, Argyll. We will finish the year with more sold properties than any other agent in the Cowal Peninsula and hold a 40% share of the market.
The number properties coming to the market have had a seasonal reduction as we would anticipate as sellers are looking towards Christmas and New Year, but we have a list of sellers ready to launch their properties in the early part of 2025, ready for spring sales and expect a busy start to next year.
One of our properties featured on Escape to The Country earlier this month. Berryburn which is a rare Arts & Crafts house with only 2 others in the area. Since the property was filmed ready for the program, it is now under offer.
2025 is already looking to being a busy year with sellers having their properties valued in anticipation of marketing them early in January. We look forward to meeting more sellers and buyers after the festivities.
Wishing you all a Merry Christmas and Happy New Year from Walter and Liz in Dunoon.”
Zoopla house Price Index
We take a look at what is happening nationally with the final Zoopla House Price Index for 2024. Here are the keys takeaways and headlines from the report:-
• There has been a sustained recovery in housing sales over 2024
• Largest pipeline of sales working to completion for years – 283,000 sales worth £104bn, up 30% on a year ago
• Affordability pressures are keeping price inflation in check
• UK house price inflation at +1.9% compared to -1.2% a year ago
• Buyers have become more price sensitive in Q4 2024, offering less in the wake of the Autumn Budget
• North-South divide in house price growth to remain over 2025
• We predict a continued recovery in sales volumes to 1.15m in 2025, with modest house price inflation of 2.5%
• In Scotland, house price inflation over the past year is +2.6% in Glasgow, +1.0% in Edinburgh and +0.3% in Aberdeen.
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 2025? Get ahead and register for our ‘Heads Up Property Alerts’.
Do you know we offer 3 types of valuation? This includes an instant on-line valuation, you can get started here.
