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The outlook for 2025 is predicted to be a ‘buyer’s market’ with more house sales during 2025. Purchasers are expected to be in a strong position this year for negotiation tactics. This sounds feasible given that 2024 turned out to be a better year than initially predicted.
The house prices within Scotland for the last few years have always been higher than across the rest of the UK, with a very strong Scottish market dominating the highest increase in prices. It is predicted that 2025 will continue in the same way.
It is predicted that first time buyers will be ready to make purchases this year, and have been particularly active towards the end of 2024, accounting for a large volume of sales.
The cost of owning your home in comparison to renting, it is now estimated that it is around 16-18% cheaper to own a home with a mortgage than it is to rent.
Edinburgh’s rental market has seen an average price increase of 13.1% in private rents, which again reflects the demand for rental properties within Edinburgh. You may think this is good but wait until you hear about the increase in rent across Glasgow (a staggering 22.3%) and whilst the average price of property has not increased as rapidly in Glasgow, it is clear that there is very high rental demand within Glasgow.
The highest noted rental yields during 2024 were East and North Ayrshire, West Dunbartonshire, North Lanarkshire, Renfrewshire, Dundee, Glasgow and EH11 (Haymarket, Gorgie and Saughton).
Mortgage rates are slightly lower than they have been for around 2 years. This means that in general overall buyer affordability has improved for both home movers and first time buyers.
Inverclyde is one of the most affordable places to purchase a home in Scotland, with properties costing around 2.6% the average salary within that area.
There are many strong areas across Scotland right now. Edinburgh and Lothians continues to be a strong contender for high volume transactions, good increases in value and this area is in high demand.
During the final quarter of 2024 across Dundee, Angus and North Fife selling prices increased by a whopping 10.6% to an average selling price of £183,272, compared to the first quarter of 2024. Average selling time had also reduced by 7 days during the last quarter, in comparison to the first quarter. Showing the strengthening of the market in this area. Broughty Ferry and Barnhill in the Dundee area witnessed a massive 40% increase in the number of properties sold during 2024. In Angus, areas such as Brechin and Edzell witnessed an increase of 33.3%, Fife managed to ‘outperform’ this by increasing their sales by 43% across the region.
Some of the hot areas to purchase right now are Glasgow (hub of transport links and thriving job opportunities) Dundee (good average property price of £172,603) and Stirling (if you are looking for urban activities in a scenic setting).
With the lowering interest rates and a slightly more stable market and prices starting to increase again, the outlook is good for the year ahead, despite the recent increase in Additional Dwelling Supplement (now sitting at 8%) the resilience of Scotland is clear to see.
The Scottish Government has also pledged to address housing affordability.
If you are interested in expanding your portfolio, or even starting out on your property investment journey, get in touch with the team to find out more about Asset Backed Property Investment, lessening the risk for your first investment property.
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