Your mid-year property market update

Has the value of your property changed?

The UK property market has seen a dynamic start to 2024, with both the rental and sales sectors showing significant activity. 

Looking back on the first half of 2024, the Scottish property market presented a landscape of growth and efficiency for both buyers and sellers. Looking forward to the mid-year mark and with the general election coming up next month, it will be interesting to see how the property market reacts.

For sellers: a market ripe for quick sales

The current average asking price for properties in the UK has seen a modest increase, with the national average now standing at £375,131, a 0.8% rise from the previous month. However, Scotland (+2.7%) and the North East (+5.8%) are leading the way in terms of year-on-year growth in property prices. This is a clear indicator of the strong demand in the Scottish market, as properties are being snapped up quickly, taking an average of just 34 days to sell – the fastest in the UK.*

For buyers: a competitive market with steady growth

Buyers looking to invest in Scottish property can take confidence in the region's steady growth. While the overall UK market remains price-sensitive with a 0.6% annual increase, Scotland's 2.7% annual price growth demonstrates resilience and a healthy appetite for properties.* The quick sale times also suggest that properties are being priced accurately and competitively, which is essential for buyers looking to make a timely investment.
 

-0.6%

East of England had the biggest annual decrease in average asking prices

+5.8%

The North East had the largest annual increase in asking prices

+0.8%

Average change in UK property prices coming to market

£375,131

UK average price of property coming to market

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What are the regional market differences?

The North East has been the region with the biggest annual change in asking prices with a 5.8% increase, but only a slight monthly change of 0.1%.* In comparison, London has experienced very modest monthly and annual growth of 0.2% and 0.1%, respectively and averaging 64 days to sell.*

Wales has seen positive growth, with a modest month-on-month increase of 0.8% and a more substantial rise of 2.2%, bringing property prices to £265,271.* In contrast, only the East of England and the South East experienced annual decreases of -0.6% and -0.1%, respectively.*

Rents are up by 8.0%

The rental market in Scotland has also seen a continuous increase, with an 8.0% annual increase in rents, bringing the average rent to £962 pcm.^ This growth rate exceeds the UK average of 6.9%, making Scotland an attractive region for property investors and landlords. The percentage of income spent on rent in Scotland stands at 26.4%, which is slightly lower than last month, and below the UK average of 33.5%.^

8.0%

Year-on-year change in average rent in Scotland

£962

Average rent in Scotland

6.9%

Year-on-year change in average rent in the UK

£1,297pcm

Average UK rent, including London

Scotland's property market is characterised by its robust performance and the swift completion of sales. For sellers, this means there is potential for a quick and profitable transaction. For buyers, the market offers a stable environment with the prospect of steady appreciation. And for those in the rental market, the strong growth in demand suggests a favourable climate for investment.

If you're considering buying, selling, or renting in Scotland, now is an opportune time to explore your options. For personalised advice and to understand how these market trends can benefit you, contact us today.

Find out how your property value has changed

Sources:
*Rightmove HPI, May 2024
^HomeLet Rental Index, May 2024
MKT/UKON/240524