Market update from our Glasgow and Argyll branches – October 2024

As you can see from the above snapshot of our figures for last month (September 2024) we agreed 27 new sales with 42 new client instructions.

Buyer activity was up across all factors from the previous month with 567 (446 August 2024 ) new buyers registering for our ‘Heads Up’ property alerts and 1,814 (1,607 August 2024) website enquiries for our owners properties resulted in 553 (504 August 2024) viewings being arranged.

In contrast, tenant demand was down with 310 new tenants registered with us during the month, down from 385 in August.

Chris Tolland from our Cardonald, Glasgow branch commented “October has seen another busy month in the Cardonald branch, with 14 sales achieved so far. Typically, we have found properties being sold in under a week; whether by going to closing dates or our clients receiving offers too good to refuse. We’re anticipating a strong finish to the year before the lead up to Christmas.”

Below are a few notable sales by the Cardonald branch this month –

We also had a welcome addition to the area with a fantastic mural to the side of the office, what a talent! Despite rumours to the contrary, we can confirm this is not in recognition of our office director, Paul Burns!

Staying in Glasgow, Craig Smith from the Shawlands branch commented “The past couple of months have been steady for the sales market around Shawlands. However, there has been a noticeable drop in the amount of new properties coming to the market during October, with 190 new listings in the G41, G42, G43 and G44 post codes this month. This is in comparison to 254 for the same post codes in September.

This drop off in new listings in October is a bit unexpected, particularly when we continue to see buyer activity increase. Combine this with the rush to secure a property before Christmas, properties that do come to the market are selling quickly and for well in excess of the home report value.

October has seen the first signs of the rental market demand dropping for some time. It is likely just seasonal and down to the time of the year but it is important to have your rental property priced realistically, as an upturn in demand is unlikely now until the new year.”

Some rent success stories at the Shawlands branch have included:-

We take a look at what is happening nationally with the latest Zoopla House Price Index for October 2024. Here are the keys takeaways and headlines from the report:-

• UK house price inflation increases to +1%, up from -0.9% a year ago

• Sales activity running at the highest level since the 2020 boom

• Pipeline of sales agreed is 30% higher than a year ago, at £113bn

• High supply of homes for sale and affordability pressures keeping house price inflation in check

• First time buyers are the largest buyer group in 2024 (36% of sales)

• The dynamics of renting and buying have shifted, supporting purchases by first time buyers