Newsletter
Newsletter
West Lothian Property Residential Sales Market: A Look at October and November 2024
The property market has been showing some notable trends throughout 2024, and the months of October and November have certainly kept the momentum going. As we move into the winter months, the local scene offers both challenges and opportunities for buyers, sellers, and investors alike. We explore the key dynamics of the residential market over these two months and what homeowners and prospective buyers can expect as the year draws to a close.
Market Overview in October 2024: A Solid Performance Despite Uncertainties
October 2024 has been a month where the local property market displayed resilience amidst wider economic uncertainties. Following the summer, which typically sees a lull, the autumn period saw a steady number of properties being listed and sold but November saw a noticeable increase in listings and sales.
- Price Stability: Overall, property prices have remained relatively stable, with some areas witnessing slight increases, while others have seen more modest changes. Homes in sought-after locations have continued to attract attention, driven by the area's proximity to Edinburgh, Stirling and Glasgow and strong local amenities.
- Buyer Activity: Demand in the residential sector has remained robust. While there is still a strong appetite for homes, particularly in family-friendly neighbourhoods, buyers are now more discerning and tend to be more focused on properties that are in ‘move in condition’ although we still have buyers who embrace putting their own creativity to the test.
- First-Time Buyers: Despite the challenges of recent mortgage rate increases and the economic squeeze, things are settling down now and first-time buyers have remained active, buy they can be more price-conscious. Government schemes like the First Home Fund have continued to support these buyers in securing homes. However, securing a property in the more popular areas has been competitive, and those looking for properties under the £200,000 mark in sought after towns have had to act quickly.
- Rental Market: The rental sector in West Lothian has seen strong demand, particularly for properties near transport links. With high demand and limited stock, rental yields for investors have been quite attractive, though rents have been rising in response to inflationary pressures and higher costs of living.
November 2024: A Shift Toward Stability and Cautious Optimism
As we entered November 2024, property market continued to show signs of resilience. While the market wasn't as frantic as it had been in previous years, November brought a phenomenal month of sales for our clients, in total, we have accepted offers on 32 Properties in November!
- Stock Levels: There has been an increase in the number of properties coming to market in November with Property Connections, which is a surprise for this time of year. We are also preparing marketing for homes which will be coming to the market in the new year. If you would like to chat to us about ‘getting ready’ to market in the new year, please give us a call and we can pop out to carry out an appraisal and give advice on how to achieve the best possible price.
- Sellers’ Market vs Buyers’ Market: In some areas, particularly in rural areas, properties have continued to receive multiple offers, creating a seller’s market, whereas in some towns, buyers have had more leverage, with properties staying on the market for slightly longer periods. The dynamic between buyer and seller has been evolving, with those willing to negotiate on price in the less popular areas finding good opportunities.
- Mortgage and Financing Considerations: Many buyers are opting for fixed-rate deals to protect against future hikes, while others are taking a more cautious approach, assessing the long-term affordability of their prospective homes. Lenders are still lending, but they are being more a little more selective in their offerings, especially when it comes to the higher loan-to-value ratios.
- Investment Potential: For property investors, the West Lothian market offers promising yields, particularly for those focused on rental properties. The ongoing trend of more people working remotely has led to growing demand for homes with office spaces, and there has been significant interest in properties in areas like Bathgate and Livingston. These towns continue to attract both first-time buyers and those looking for long-term rental investments.
Outlook for the Rest of 2024 and Beyond
Looking ahead, West Lothian’s property market is likely to continue its cautious yet steady course. As we move into the final weeks of 2024, we expect a slight dip in , which is typical for the Christmas period, but overall, the market is set to finish the year on a positive note. Sellers who price realistically can still secure good offers, while some buyers may find some attractive opportunities as the market slows.
For both buyers and sellers, the key to success will be understanding the local dynamics, staying informed about mortgage trends, and being flexible in negotiations. Those looking to invest in property will find that while there are some challenges, there are still great opportunities.
In summary, the property market in October and November 2024 , and despite broader economic challenges, the Central Region and West Lothian areas remains a desirable place to live and invest in.
Give us a call to have a chat or book your free, no obligation market appraisal.