Rightmove’s House Price Index October 2024: A Strong Scottish Property Market
Rightmove’s October House Price Index highlights Scotland as a standout performer, amid a muted price bounce across the UK. Scotland leads with the highest month-on-month increase in average sale prices at 1.9% and a 5.6% year-on-year rise. Additionally, properties in Scotland sell faster than anywhere else, with an average sale time of just 34 days.
These index figures indicate a thriving market, providing excellent opportunities for both buyers and sellers.
Scotland Leads in Price Growth according to House Price Index
Scotland’s 1.9% month-on-month rise in average sale price significantly outpaces the UK’s national increase of 0.3%. With a 5.6% year-on-year increase, Scotland proves to be a resilient market, growing even in challenging conditions.
This trend benefits sellers, who can take advantage of strong demand, while buyers, though facing higher prices, are investing in a stable and growing market.
Fastest Transaction Times
Scotland’s rapid property transactions stand out, with the average time to sell being just 34 days - the quickest of all other areas of the UK. This speed reflects high buyer demand and market efficiency, making it a great time for sellers to list their homes.
Nationally, agreed sales are up 29% year-on-year, showing that despite economic pressures, the housing market remains active. In Scotland, this fast-paced environment makes transactions swift and more straightforward.
Affordability and Buyer Confidence
Affordability remains a challenge, however, Scotland still offers greater affordability than other UK regions, especially in cities like Edinburgh and Glasgow.
Wage growth outpacing house price increases is easing pressure on buyers, and predicted Bank of England rate cuts could further improve affordability by 2025.
Scotland’s Resilient Market
While the UK market sees slower price growth, Scotland continues to perform robustly. The combination of increasing prices, high demand, and fast transactions makes it an attractive market for both buyers and sellers. Tim Bannister, Rightmove’s Director of Property Science, notes that while affordability pressures persist, the market remains strong.
Optimism for 2025
Looking ahead, two predicted Bank of England rate cuts could make mortgage rates more affordable, giving buyers the confidence to move forward.
For sellers, the current strong demand, rising prices, and quick sales present a prime opportunity to secure favourable deals.
In conclusion, Scotland’s property market is thriving, outperforming the rest of the UK in price growth and transaction speed. As such, whether buying or selling, now is an excellent time to capitalise on the opportunities in this dynamic market.
