Market update from our Glasgow and Argyll branches – September 2024
We look at what is happening in the property market locally and nationally with updates from our branches in Shawlands, Cardonald and Dunoon.
As you can see from the above snapshot of our figures for last month (August 2024) we agreed 32 new sales with 35 new client instructions.
Buyer demand remained healthy with 446 new buyers registering for our ‘Heads Up’ property alerts and 1,607 website enquiries for our owners properties resulted in 504 viewings being arranged.
In addition, 385 new tenants registered with us during the month, an increase from 297 in July demonstrating the continued demand for rental properties.
Liz Dineley from our Argyll office in Dunoon commented – In our Dunoon office our sellers, buyers and visitors have been enjoying the unexpected but very welcome September sun and Argyll, though always stunning, looks even better in the sunshine!
The market in our area continues to be steady and we look to replenish our stock for the Autumn demand ahead.
Last weekend the Stay Fresh Fest in the Queens Hall welcomed locals and visitors to enjoy a 1980s themed Festival and this weekend is Dunoon's first ever Tradfest Music Festival, Thursday to Sunday including music from Heron Valley and Inverhooley, lots of free events, check it out here for more information.
Other events in Dunoon Queens Hall in October include The Upbeat Beatles on the 12th and Cinderella Ballet on the 23rd.
Lots of different types of property sales this month including
Berryburn, Bullwood Road, Dunoon a 4 bed, 4 reception house with many traditional features, o/o £480,000 the new owners are eagerly looking forward to bringing it up to date while retaining its character.
High Cluniter, Innellan - a 2 bedroom bungalow set in 5 acres of land with outbuildings and fabulous views, o/o £320,000, the new owners have great plans for this amazing plot.
Cumbrae View, North Campbell Road, Innellan - a gorgeous little cottage with sea views, full of character o/o £195,000 - the buyer loves it so much they are buying all the furniture too.
In Glasgow, Gregor Cope from the Shawlands branch commented - “The last month has continued to be strong for properties coming to the market, although the “time on the market” has increased with fewer viewing enquiries continuing to impact how quickly properties are selling. Notwithstanding, the sales market is still in a very good position with numerous closing dates being achieved.
The rental market and rents being achieved are extremely strong with demand continuing to outweigh supply. We continue to see historical landlords “selling up” due to frustration arising from increased legislation. We recently saw a property in Cardonald receiving 70 viewings with potential tenants. However, we continue to believe in doing viewings until we find the best tenant possible."
Rightmove House Price Index
We take a look at what is happening nationally with the latest Rightmove House Price Index for September 2024. Here are the keys takeaways and headlines from the report:-
- Average new seller asking prices rise by 0.8% (+£2,974) this month to £370,759. September usually sees a monthly rise in prices, but this year’s increase is double the long-term average, with prices supported by increased activity levels
- The traditionally busier Autumn market appears to have started early, with many movers spotting a window of opportunity to act as mortgage rates trend downwards and property choice increases:
- The number of sales being agreed is up by 27% year on year, a strong rebound compared with last year’s more subdued market as pent-up buyer demand is released
- Home-owners more confident to come to market, with the number of new sellers up by 14% on this time last year, and the average number of available homes for sale per estate agent at its highest since 2014
- However, the market remains cautious, and there are still uncertainties ahead:
- It’s currently taking an average of 60 days for a seller to find a buyer, three days longer than in the more subdued market at this time last year as value-conscious buyers take their time to find the right home at the right price
- The average 5-year fixed mortgage rate is still 4.67%, and while this is lower than the peak of 6.11% in July 2023 nearly double the 2.34% at this time three years ago
- We wait to see any housing announcements made in the Autumn Statement on October 30th
- In Scotland, the average asking price has increased to £194,180. This represents a 1.1% increase from last month and 2.1% over the past 12 months. It takes an average of 33 days for a seller to find a buyer, compared to the nationally average of 60days.
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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