A Century of Change: The Evolution of the UK and Scottish Housing Market

By Carl Warden, Head of Estate Agency

The UK housing market has long been seen as a symbol of stability and growth, but after 125 years of constant change, we find ourselves at a crossroads. As Head of Estate Agency at Bell Ingram, I’ve seen the market evolve, and while homeownership remains a cornerstone of British life, today’s buyers are driven by more than just financial gain. For most people, property is not simply an investment – it’s about creating a home that fits their lifestyle, and lifestyles have changed substantially over the past century.

A Century of Changing Priorities

Looking back over the past century, the rise in house prices has been nothing short of remarkable. At the start of the 20th century, most people rented, but government intervention following both World Wars led to a dramatic shift toward homeownership. Council housing developments and policies like “Right to Buy” in the 1980s encouraged this trend across the UK, with Scotland following suit, albeit at a slower pace. The financial crisis of 2008 put the brakes on a housing boom that had spanned nearly a decade, but it didn’t take long for property prices to recover—and in some cases, surpass—previous peaks.

Fast forward to 2024, and the housing market is once again in flux. Prices remain high, particularly in cities like London, but even Scotland, which traditionally had more affordable property, is seeing record levels in urban centres like Edinburgh and Aberdeen. In more rural areas, limited supply is creating its own set of challenges, as younger generations struggle to get onto the housing ladder.

The Rise of Lifestyle-Centric Homebuying

In the early 20th century, homeownership was reserved for a select few, and those buying at the upper end of the market had very different needs compared to modern buyers. Edwardian homes, for instance, were often built to accommodate large households, with space for domestic staff and rooms designated for very formal social occasions. The idea of an open-plan kitchen-living space, a must-have for many of today’s buyers, would have seemed bizarre to the Edwardian upper class.

Fast forward to today, and we see an entirely different set of priorities. Most homebuyers are not concerned with acquiring grand estates, but rather finding spaces that support their busy, modern lifestyles. People want homes that offer flexibility, comfort, and accessibility—whether that’s through remote working spaces, proximity to green spaces, or homes that can easily be adapted to accommodate growing families. This shift reflects broader societal changes, with dual-income households, smaller families, and increased demand for urban living shaping how homes are built and bought.

One of the most striking changes in the market has been the increased emphasis on how a home fits into a person’s lifestyle. Post-pandemic, many people are seeking properties with more outdoor space or a dedicated home office – features that were far less important just a decade ago. The desire to create a living environment that balances work, family, and leisure is now a key factor for buyers.

While it’s reassuring to know that property values are generally rising, most people are not entering the housing market purely for investment purposes. At Bell Ingram, we see clients who are primarily focused on finding a home that reflects their personal and family needs. The flexibility to work from home, the convenience of nearby amenities, and even the appeal of energy-efficient design are far more pressing concerns than simply watching property prices rise. For many, the home is no longer just a financial asset – it’s a sanctuary.

How Technology is Shaping the Homebuying Process

The way we buy and sell homes has also transformed dramatically, particularly since Covid. The pandemic forced us to rethink how we interact with property, and the rise of online platforms like Rightmove and On The Market has revolutionised the process. These platforms allow buyers to access a vast range of properties from the comfort of their own homes, making the initial search more efficient than ever. Virtual tours and 3D walkthroughs, now commonplace, allow prospective buyers to view multiple homes without stepping foot inside a single one – a game-changer for those who want to thoroughly explore their options.

Social media platforms, particularly TikTok, have also entered the fray, offering a new, often more engaging way to market homes. Estate agents are using creative video content to showcase properties in a more dynamic and relatable way, helping buyers visualise how a home might suit their lifestyle.

This trend toward digital house hunting is particularly significant in Scotland, where rural properties can be harder to access. Buyers from outside the region or even abroad are now able to explore properties remotely, opening up new opportunities and markets. These technologies are making the process faster, more transparent, and much more convenient for today’s lifestyle-focused buyers.

Property vs. Pension: The Ongoing Debate

It’s no secret that many people view property as the ultimate long-term investment. Over the years, I’ve been asked countless times whether property is a better investment than a pension, and it’s easy to see why property holds so much appeal. Take, for example, someone who bought a home 25 years ago for £100,000 – today, that same property could be worth significantly more. In Scotland, the average would now be around £407,000, and in London, it could around the million mark in some cases.

But while these numbers are compelling, property investment comes with hidden costs that are often overlooked—maintenance, repairs, taxes, and insurance, not to mention the significant transaction costs involved in buying and selling.

Looking to the Future

While it’s still comforting to know that your property may increase in value over time, the driving force behind homeownership today is less about investment and more about creating a home that fits your way of life. The priorities of modern buyers are far removed from the Edwardian-era mindset of prestige and size. Today’s buyers are looking for versatility, energy efficiency, and a sense of community.

In Scotland, the unique policies around affordable housing, second homes, and community land ownership are also shaping how people approach buying property. In some areas, the focus is shifting toward sustainability and supporting local communities, which aligns with the growing desire for homes that are not just a good investment but a better fit for modern, environmentally-conscious living.

As we look ahead, it’s important to remember that property is not just a financial decision for most people. The real value in buying a home comes from how well it supports your lifestyle – whether that’s by providing a space to work from home, room to raise a family, or simply a comfortable place to retreat at the end of the day.

So, next time you think about buying or selling property, focus less on how much value it might gain in the future and more on how it can enhance your life in the present.