By We look at what is happening in the property market locally and nationally with updates from our branches in Shawlands, Cardonald and Dunoon.
January 2025
Before we look at this month, we can look back on the stats for the first month of the year. As you can see from the above snapshot of our figures, we agreed 23 new sales with 29 new client instructions. We also visited 56 homes to carry out market appraisals and valuations for homeowners.
Buyer activity remains buoyant with 485 new buyers registering for our ‘Heads Up’ property alerts and 494 viewings being arranged during the month.
Tenant demand appears to have peaked from the insane market over the past few years. A still healthy 295 new tenants registered with us during January, however this is down significantly year on year when 552 new tenants registered during January 2024.
February 2025
Craig Smith from the Shawlands branch in Glasgow reported “After an extremely fast start to the year and some records broken for January, February was a mixed month. The first half of the month there was a noticeable drop in activity in terms of the number of new properties coming to the market. This was understandable given the rush at the start of the year.
The lull didn’t last long though and the second half of the month was extremely busy with several new properties going live. Overall, supply levels remain an issue with buyer demand continuing to result in closing dates and multiple offers over the home report value for the majority of properties.
With regards to the rental market, all signs are that rent values have peaked after the recent period of sustained increases. It is important to have your rental property marketed at the correct level or you are likely to experience a longer void period in the current market.”
Rightmove House Price Index
We take a look at what is happening nationally with the Rightmove House Price Index for February 2025. Here are the keys takeaways and headlines from the report:-
- The average price of property coming to market for sale rises by 0.5% (+£1,805) this month to £367,994, a muted price rise for this time of year as new sellers lower price expectations, due to the looming stamp duty deadline (England only) and high competition:
- The number of available homes for sale is at a 10-year high, moderating the New Year price surge
- The stamp duty deadline (England only) will impact some regions and movers more than others, with a conveyancing log-jam expected:
- There are more than 550,000 homes sold yet awaiting legal completion, 25% more than at this time last year
- First-time buyer purchases between £500,001 and £625,000 are most affected, with an extra £11,250 at risk for this group if the deadline is missed, with a log-jam expected as some scramble to complete before March 31st
- Moving activity remains robust after the first full month of 2025 compared to a year ago, with the number of new sellers coming to market now 13% ahead, buyer demand 8% ahead, and sales agreed numbers up by 15%
- Slower price rises are supporting underlying activity levels, with no major drop-off in activity expected from April
- January was a record month for applications for a Mortgage in Principle on Rightmove, 49% more than January 2024
- Global and economic news continues to affect market sentiment and outlook, with attention turning to upcoming inflation and earnings figures. While mortgage rates remain high, they are now on a downward trend
- In Scotland, average new seller asking prices increased by 3.5% this month to £190,425. Year on year asking prices are currently 0.7% higher than February 2024. Average time to find a buyer is 52 days.
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 2025? Get ahead and register for our ‘Heads Up Property Alerts’.
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