Property market highlights:
- Property prices continue to rise with strong buyer demand remaining
- Re-evaluation of living circumstances continue – likely still driven by the pandemic
- Strong property market likely to continue into 2022.
Property prices continue to rise with strong buyer demand remaining
The end of the year is traditionally a quieter time for the property market, with strong demand tempered by a significant drop in the number of new properties coming to the market as people focus on Christmas and the festive season.
Property prices however remained strong throughout the later stages of 2021 showing that buyer demand remains high.
Registers of Scotland (ROS) reported in their October House Price Index that the average property price in Scotland was £181,391, up 11.3% year on year and 0.4% month on month.
In October 2021, ROS reported that Midlothian, Clackmannanshire and Stirling were the local authority areas with the largest increase in average selling price year on year.
The average selling price in Midlothian in October 2020 was £189,767 whilst in October 2021 this rose 20.3% to £228,317. Clackmannanshire reported a rise of 19.5% during this same period from £132,852 to £158,708 and Stirling rose 18% from £199,503 in October 2020 to £235,487 in October 2021.
It’s interesting to note that all of the top areas that ROS reported are either within an hour commuting distance of Edinburgh or both Edinburgh and Glasgow, following the trend we’ve seen of some people moving outwith the major cities to gain more space and work from home more regularly.
All areas across Scotland reported an increase in average selling price indicating a strong sellers market. If you are interested in selling your property this new year, get in touch with us today at [email protected] or instantly book a free property valuation here.
Re-evaluation of living circumstances continue – likely still driven by the pandemic
During the pandemic many of us have either considered or made large life changes, and this has included many people moving homes.
In their October House Price index Zoopla reported that 1 in 16 privately owned homes changed hands in the UK in 2021, making it the busiest year since 2007.
The high demand appears to be driven by people buying houses, potentially searching for more space to work from home or to enjoy outdoor space, such as a garden or nearby countryside. In their October report, Zoopla noted that the average value of houses were up 8.3% year on year, double the five year average of 4.2%.This is compared with flats showing an increase of 1.6% year on year.
Looking more closely at Scotland, a similar trend can be seen. Registers of Scotland (ROS) reported in their October House Price Index that detached and semi-detached properties experienced the largest increase in selling prices at 15.9% and 12.1% respectively.
Research undertaken by Omedia for the telecoms company Huawei also suggests that working from home continues to be a driver to moving. They surveyed 294 estate agents across the UK and, when asked to name the single most important factor for homebuyers, 23% answered that it was the size of the property, 20% said the broadband quality and 18% said the number of bedrooms.
Strong property market likely to continue into 2022
Rightmove’s December House Price Index reported that valuation requests through their website were up 19% compared to the same time last year. Getting your home valued is the first step to selling, so this is a good indicator for a busy market in the new year.
You can read all of our 2022 Property Market Predictions in our article here.
We’re here to help
If you are thinking of buying or selling a property MOV8 is perfectly placed to help. Our 5 star rated team of property experts can help guide you through each stage of the property process.
If you are thinking of selling your home or investment property, get in touch with us by calling 0345 646 0208 (Option 1) or by emailing [email protected] to organise a free valuation of your home or to get a full, transparent breakdown of the costs of selling your home.
If you are looking to buy a property as a home or investment, please call 0345 646 0208 (Option 2) or email [email protected] and we will be happy to help.