Navigating Scotland’s 2024 Property Market: Insight from Carl Warden, Bell Ingram’s Head of Agency

Navigating Scotland’s 2024 Property Market: Insights from Carl Warden, Bell Ingram’s Head of Estate Agency

Since I am frequently asked: “How is the property market?” I felt it was important to make comment early in 2024.

In the first quarter of the year, Scotland’s property market is typically dependent upon weather conditions as people gear themselves up for the Spring market.

There’s been a reasonably brisk start to 2024 as both buyers and sellers have begun to adjust their mindset and become accustomed to the changes that they have witnessed in the market in 2023.

Regrettably, many sellers aim for the highest possible price, often seeking a premium above the Home Report value. Conversely, buyers seek to negotiate significant discounts. These vastly differing approaches often result in a challenging path towards reaching a deal.

One prominent challenge in the market is the persistently low stock levels, primarily due to sellers hesitating to list their properties until they’ve secured a new home or attempted to buy one contingent upon selling their current home.

As Agents, we cannot advise our clients to take their property off the market while they wait for potential buyers to sell their own properties. This approach is fraught with risks and potential complications, contributing to a market that mirrors the English-style of selling, characterised by chains that are prone to breaking.

I haven’t observed any reductions in valuations within Home Reports. However, we’ve noticed that potential premiums above the asking price have decreased, aligning more closely with the values stated in the Home Report.

Monitoring demand proves challenging amidst the persistently low supply. However, the motivations driving people to move—whether it’s upsizing, downsizing, job relocation, or a desire for a more rural lifestyle—remain unchanged. Hence, I would confidently assert that demand remains robust for the right style of properties.

Purchasers have now reverted back to being more particular about their exacting requirements and this is a reflection of the market being less competitive than 2022 and 2023. The outlook for the year ahead is a simple case of the market readjusting to the new conditions and accepting that the cost-of-living crisis, food prices and interest rates have all increased around them. However, one of the most important things in life is the surroundings in which people live and their family home. I am therefore confident that although properties may not sell as quickly as initially anticipated, a successful sale will still be achieved in a reasonable time-frame.

Our people

Carl Warden

Carl Warden

Estate Agency
Tel: 01738 621 121

About: Carl heads up the Residential Estate Agency division for the company and has a proven track record within the Scottish property sector. He has been marketing property in the Perth and Kinross area for over 35 years and has vast and detailed practical experience and knowledge of selling prime residential property: from period homes to contemporary developments. Carl is well known in the local area, having developed excellent relationships with buyers and sellers. His wider role involves looking after and supporting our Agency teams and colleagues in Oban, Beauly, Ayr and Forfar. Interests: Estate Agency, Market Valuation, Negotiation.

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