Edinburgh Property Market Surges

Autumn Surge in Edinburgh Property Market, as Rightmove Reports Increased Activity and Falling Mortgage Rates

Rightmove’s latest research has revealed a significant increase in housing market activity this autumn. This is being driven by a downward trend in mortgage rates.

With buyers regaining confidence and returning to the market, Edinburgh’s property scene is seeing renewed momentum and confidence.

For those considering buying or selling property in Edinburgh, this increased activity could provide the perfect opportunity to make your move.

Rightmove’s Data: Key Findings for Edinburgh Buyers and Sellers

Rightmove's recent report highlights several key trends that are impacting the property market across the UK, including Edinburgh:

1. 6% Increase in Buyer Demand: The data shows that buyer demand across the UK rose by 6% in September compared to the summer months, a strong indicator that confidence is returning as mortgage rates begin to stabilise. Edinburgh, a historically robust property market, is likely benefiting from this trend, with more buyers eager to explore the opportunities available in the city.

2. Mortgage Rates Begin to Fall: The average five-year fixed mortgage rate is now 4.67%, and while this is lower than the peak of 6.11% in July 2023, it is nearly double the 2.34% at this time three years ago. This decline in rates is driving much of the increased buyer activity, as more potential homeowners feel confident in securing a mortgage at more affordable rates.

3. 14% More Listings Than Summer: Sellers are also responding to the uptick in buyer demand, with the data reporting a 14% increase in the number of new property listings compared to the summer. For Edinburgh homeowners considering selling, this increase in activity presents a prime opportunity to attract motivated buyers and potentially secure a faster sale.

4. Autumn Outpaces Traditional Summer Slowdown: The market typically slows down over the summer months. However, autumn is proving to be an active period. Buyers and sellers alike are taking advantage of the current market conditions. This seasonal trend is expected to continue through the final months of the year. This offers potential opportunities for those looking to enter or exit the Edinburgh market.

What Does This Mean for Edinburgh Buyers?

For those looking to buy property in Edinburgh, Rightmove’s data is encouraging. With a 6% rise in buyer demand and falling mortgage rates, there are clear signs that the market is becoming more favourable for buyers. Here’s how you can take advantage:

1. Lower Mortgage Costs: The drop in mortgage rates means that buyers are likely to face lower monthly repayments, making homeownership more affordable. Whether you’re a first-time buyer or looking to upgrade, now is a good time to explore mortgage deals that offer better value for your money.

2. More Properties to Choose From: With a 14% increase in listings, Edinburgh’s property market is seeing more homes come onto the market. This means more options for buyers, from city-centre flats to family homes in quieter suburbs. The increased inventory gives buyers more bargaining power, especially as sellers are keen to close deals before the winter slowdown.

3. Opportunity for a Smoother Buying Process: As the market picks up pace, buyers have a window of opportunity to find their ideal property and secure favourable mortgage terms. Acting now, while competition is increasing but still manageable, could mean securing a property before rates potentially fluctuate again or buyer demand continues to rise.

What Does This Mean for Edinburgh Buyers?

For Edinburgh homeowners thinking of selling, the autumn market presents a great opportunity. The increase in buyer demand, coupled with a rise in new listings, means that motivated buyers are actively searching for homes. Here’s why now could be the perfect time to sell:

1. Faster Sales: With more buyers in the market, sellers may experience quicker sales times as competition for properties grows. Rightmove’s data suggests that motivated buyers are ready to act, especially with the prospect of favourable mortgage deals on the table.

2. Strong Market Demand: Edinburgh remains one of the UK’s most desirable property markets. With autumn activity increasing, now is the ideal time to capture buyer interest. Listing your property while mortgage rates are trending down and demand is rising could help you secure a strong offer.

3. Avoid the Winter Slowdown: Historically, the property market tends to slow down in the winter months. By listing your property now, you can take advantage of the current surge in activity and potentially sell before the quieter months set in.

Take Advantage of Rightmove’s Insights and Act Now

Rightmove’s latest data points to resurgence of activity in the property market, particularly as mortgage rates begin to fall. Whether you’re a buyer ready to take advantage of lower borrowing costs or a seller looking to capitalise on increased demand, now is the time to act.

At Simpson & Marwick, we understand the Edinburgh market inside out. Our experienced team is here to help navigate this busy period, ensuring you make the most of current trends.