Whats happening in the property market this November?

Market Momentum for Scotland  

The property market is experiencing significant momentum, with the number of sales agreed up 26% compared to this time last year, alongside a 6% rise in new sellers entering the market. This surge in activity reflects growing confidence among buyers and sellers alike. At DJ Alexander, we have seen a 28% increase in the number of homes sold in the first six months of 2024 compared to the same period in 2023, a sign of ever-increasing confidence in the sales market and a testament to the skills and service of our sales staff. 

Latest Average Property Prices 

Scotland has seen a 4% increase in average property prices since last year. This is one of the largest increases in the UK and takes the figure to £193,179, further highlighting the strength of our market.  

Scotland Tops the UK Property Market  

Furthermore, the latest research from Lomond has revealed that no less than eight of the top 20 best performing property markets are currently located north of the border. 

Lomond analysed the latest market data on transactional volumes, looking at which areas of the market are currently seeing the highest level of activity based on the average number of properties being sold monthly. The figures show that, across Britain, an average of 40,269 homes are currently being sold every month.  

Scotland tops the table when it comes to the highest level of regional market activity, with an average of 7,261 homes sold each month - accounting for 18% of the national total.  

Further analysis by Lomond shows that this Scottish dominance is also clear at local authority level, with no less than eight of the top 20 best performing markets located north of the border.  

Glasgow is currently Britain’s home selling hotspot, where an average of 899 properties are changing hands monthly. Edinburgh isn’t far behind with 837 homes sold on average each month, whilst Fife completes a Scottish top three with an average of 525 homes sold per month. Other Scottish market areas to feature within the top 20 include South Lanarkshire (6th), Falkirk (10th), Aberdeen (11th), Renfrewshire (12th) and North Lanarkshire (16th).  

Looking ahead to 2025, Rightmove forecasts a 4% increase in average asking prices; their most optimistic prediction since the pandemic-driven surge of 2021.  

Have you got a property to sell in one of these top locations? Now could be the perfect time to get your property valued. Contact our team today and get your free valuation.