THE HEALTHIEST EDINBURGH PROPERTY SALES MARKET WE’VE SEEN FOR YEARS
The 2024 Edinburgh residential sales market has quickly snapped into gear and all the signs so far are that this is the healthiest market we’ve seen for several years. Stock levels are sitting at decent levels, meaning plenty of choice for buyers while monthly sales agreed are up compared to the last 2 years. There’s clear confidence from buyers and sellers and evidence that the 4-5% mortgage rate bracket is not a barrier to improving market conditions.
STOCK LEVELS HIGHER THAN THE PAST 2 YEARS MEANING PLENTY CHOICE FOR BUYERS
The number of properties on the Edinburgh sales market so far in 2024 is 25% higher than this time a year ago and 123% higher than the same month in 2022. The first half of 2022 was a sellers’ market as it rebounded from the pandemic and there was very little for buyers to choose from, resulting in house prices growing. Then in 2023, off the back of the infamous mini-budget and spiraling interest rates, buyers disappeared out of the market, as their dream of moving home was shattered by high borrowing costs,and the market slowed down and the number of properties on the sales market rose.
NEW INSTRUCTIONS AND SALES AGREED ARE HIGH
At first glance these higher stock levels may appear concerning for sellers with a lot of choice for buyers, but digging deeper into the data it’s clear that this isn’t the case and instead the market is functioning better than it has in several years.
The number of new property listings on the Edinburgh market is up, with 12% more homes added to the market in February 2024 than in 2022 and 2023. On the other side of the equation, monthly sales agreed are also up, 11% more than the past 2 years.
NEW INSTRUCTIONS AND SALES AGREED ARE HIGH
At first glance these higher stock levels may appear concerning for sellers with a lot of choice for buyers, but digging deeper into the data it’s clear that this isn’t the case and instead the market is functioning better than it has in several years.
The number of new property listings on the Edinburgh market is up, with 12% more homes added to the market in February 2024 than in 2022 and 2023. On the other side of the equation, monthly sales agreed are also up, 11% more than the past 2 years.
These are great indicators for the health of the property market in 2024. We expect monthly new listings and monthly sales agreed to continue to perform strongly over the coming months as buyers and sellers exercise their confidence in the market and future interest rate levels. Stock levels will probably creep up slightly as we enter the Spring market when buyer and seller activity tends to be at its highest. Zoopla forecast that 2024 is set to see 10% more properties bought and sold than in 2023. With a decent number of properties on the market for buyers to choose from, but with buyer activity up on the past couple of years, we expect plenty of properties to be bought and sold this year, albeit with very little house price growth. This is a much healthier housing market with more balance between the number of homes for sale on the market and buyer demand, meaning a much more predictable picture for everyone.