Property Market Update Q4 2023
Greetings, West Lothian Homeowners and Property Enthusiasts!
We hope this newsletter finds you in great health and spirits. As we move into 2024 it's the perfect time to reflect on the West Lothian property market's performance during the past quarter.
West Lothian, Alloa and Clackmannanshire Property Market Update – Q4 2023
Greetings Homeowners and Property Enthusiasts!
We hope this newsletter finds you in great health and spirits. As we move into 2024 it's the perfect time to reflect on the West Lothian, Alloa and Clackmannashire property market's performance during the past quarter.
1. Market Overview
The West Lothian, Alloa and Clackmannanshire property market continued to show resilience in Q4 2023. Demand for housing in the regions remained strong, and although we are returning to a more ‘normal’ market, and viewing numbers are not as high as early last year, but the market is still performing relatively well. We have prospective buyers looking for a mix of properties, from affordable starter homes to spacious family homes. There are many reasons why people move, whether it be for work, to be nearer family, family, upsizing, downsizing, change of circumstances, and that is never going to change.
2. Prices and Property Types
According to Rightmove, the average property price in West Lothian is £221,000 and in Clackmannanshire it was £183,935. The market continued to see demand for apartments, detached and semi-detached homes, and higher demand for those properties which are beautifully maintained and are in move in condition. This trend suggests a growing preference for more spacious and family-friendly housing. The higher end of the market is a little slower but we are always working behind the scenes to ensure we do as much as possible to have all of our properties shown to as wide an audience as possible.
3. Local Area Highlights
Different areas within West Lothian saw varied performance. Livingston and some of the surrounding areas, continued to be a hotspot for both buyers and sellers due to its excellent transport links and amenities. Smaller towns more that 15 minutes away from Livingston like Linlithgow, Bathgate, Armadale and Whitburn maintained their appeal, offering a more tranquil environment with good access to Edinburgh and Glasgow. In Alloa and Clackmannashire perfomance remains high on various properties and areas, particularly those properties up to £200,000 price bracket. Dollar, Bridge of Allan, Dunblane and Stirlingshire remain to be hotspots but are of course higher in price.
4. Factors Influencing the Market
Mortgage interest rates and government incentives have played a crucial role in driving the market. West Lothian's appeal as a commuter-friendly region, with its proximity to major cities, makes it a desirable place to live for those looking to escape the urban bustle.
Alloa and Clackmannanshire continue to offer purchasers excellent value for money with lots of fantastic amenities on the doorstep.
5. Future Outlook
As we move into the New Year, the the property market is expected to remain stable. Continued demand for homes and ongoing new developments are likely to maintain the positive momentum. However, experts suggest keeping an eye on interest rate changes and any potential shifts in the broader economic climate, which can influence the market's trajectory.
In summary, the property market in West Lothian and Central Scotland remains stable. If you're considering buying or selling in these thriving regions, now is an opportune time to engage with us for local advice.