It’s another year and a good time to take stock of housing market trends over the past year and look ahead to what experts are predicting for 2018. The picture is bright for Scotland, as the Scottish property market continues to grow, though UK average house prices remain steady overall.

The November 2017 RICS UK Residential Market Survey indicated a quieter UK marketplace overall last year, with a slight decline in sales, though this is slowing, suggesting that things are becoming more stable. The main contributing factors to this slight downturn include lack of housing stock and overall economic uncertainty, though again Scotland does buck this trend, continuing to show resilience.

According to the RICS survey, over the next twelve month period, the price expectations are positive, to varying degree, in virtually all areas. The biggest downturn is in London, and this isn’t anticipated to change soon, with a real lack of affordable homes. This is in sharp contrast to the Scottish market, where growth is anticipated over the next three months and is expected to continue throughout 2018, as well as in other areas showing strength such as the North West, Wales and Northern Ireland.

As mentioned, the biggest challenge everywhere currently is stock, and the Scottish picture is no exception to that. In this respect, it’s a seller’s market, with demand outstripping supply, leading to lots of viewings and great prices obtained for those with houses to sell. Although there might be a small increase in interest rates, sellers are in a good position, as we see increasing competition for individual properties.

The picture is good for buyers in many ways too, with mortgages remaining affordable, and many finding excellent re-mortgaging deals out there. When faced with increasing competition from other buyers the key remains to be clear on what you are looking for and to set firm boundaries and budgets when it comes to your property search and submitting an offer.

Feedback from Scottish property surveyors, as part of the RICS survey, is in accordance to the above, with many reporting that prices appear to be rising as buyers continue to outnumber sellers for most types of property, and this is seen across Scotland. Again they report that lack of stock continues to be an issue but demand and sale prices are good. Things have been slightly slower over Christmas and New Year but activity is definitely expected to pick up now that we are into a new year and heading into spring, traditionally the busy house hunting season.

At Caledonia Property we are constantly monitoring UK and regional market trends for Scotland and know from experience that 2017 was a year of real business growth for us as we worked in a strong Scottish market. With lots of fantastic stock and a list of potential buyers on our books, we are confident of a robust 2018 and we are now delighted to be able to cover the whole of Scotland, with an up-to-date, online based approach based on what are clients told us they are looking for in a modern, reliable estate agent. Here’s to happy house hunting in 2018!

As one of the West of Scotland’s longest-standing estate agents, we have had lots of experience managing the ups and downs of the housing market in recent times, so you can be confident you’ll be in safe hands when working with us. With an expert team by your side and a variety of properties on offer, including both property to let and homes for sale, at Caledonia Property we are confident that we can match you with the right home.