What's happening in your area
As we move into the second half of the year, here is what has been happening the the first half of the year!
Given that we are half way through 2024, we though it apt to give an insight into whats been happening in the local market.
West Lothian Housing Market Update - June 2024
The housing market in West Lothian continues to show robust activity, reflecting broader trends seen across Scotland. As of mid-2024, property values in the region have seen a steady increase, with average house prices rising by approximately 5% year-on-year. This growth is attributed to a combination of factors, including strong demand, limited supply, and the area's appeal due to its strategic location between Edinburgh and Glasgow.
Market Trends:
- Demand: Buyer interest remains high, particularly for family homes and properties offering more space and garden areas. This trend, which emerged during the pandemic, persists as remote and hybrid working models become the norm.
- Supply: The availability of homes for sale has not kept pace with demand, leading to competitive bidding and faster sales times. Many properties are selling within a few weeks of listing but we can see a slight slow in the numbers of viewings and in the market due to the general election, gala days, football and families preparing for the schools finishing up for the summer holidays.
- New Developments: Several new housing developments are underway, aiming to alleviate the supply shortage. These projects are spread across key areas such as Bathgate, Livingston, Winchburgh, East Calder, West Calder and Linlithgow, offering a mix of affordable and premium housing options.
Rental Market:
- The rental market is also experiencing significant activity, with rental prices increasing by around 3% over the past year. This is driven by a growing population, including young professionals and families, who find renting a flexible option in the current economic climate.
Investment Opportunities:
- West Lothian continues to be an attractive area for property investors, with strong rental yields and the potential for capital appreciation. Areas close to transport links and amenities are particularly popular.
Outlook:
- The outlook for West Lothian’s housing market remains positive. With planned infrastructure improvements and ongoing new housing projects, the area is set to continue its growth trajectory, offering both homebuyers and investors attractive opportunities in the coming months.
Alloa and Clackmannashire - Housing Market Update - June 2024
The property market in Alloa and Clackmannanshire has experienced notable activity in recent months. Demand for residential properties remains strong, driven by competitive pricing and attractive living conditions. The area's scenic beauty, combined with its convenient transport links to larger cities like Stirling, Edinburgh, and Glasgow, continues to draw buyers looking for a balance of rural tranquility and urban accessibility.
House prices have shown steady growth, with an increase in both average selling prices and the volume of transactions. Family homes and detached properties are particularly sought after, though there remains a healthy market for flats and smaller homes appealing to first-time buyers and investors. The rental market is also buoyant, with high demand leading to rising rents and low vacancy rates.
Developers are responding to the demand by initiating new housing projects, which promise to bring additional modern and affordable homes to the region. This development is expected to further stimulate the local economy and meet the growing housing needs.
Overall, the property market in Alloa and Clackmannanshire remains robust, with positive trends indicating a vibrant market poised for continued growth. Buyers and investors are encouraged by the stability and potential for future appreciation in this picturesque part of Scotland.