{"id":9049,"date":"2024-04-16T10:35:54","date_gmt":"2024-04-16T10:35:54","guid":{"rendered":"https:\/\/www.citylets.co.uk\/blog\/?p=9049"},"modified":"2024-04-16T10:35:55","modified_gmt":"2024-04-16T10:35:55","slug":"7-property-market-predictions-for-scotland-as-of-2024","status":"publish","type":"post","link":"https:\/\/www.citylets.co.uk\/blog\/7-property-market-predictions-for-scotland-as-of-2024\/","title":{"rendered":"7 Property Market Predictions for Scotland as of 2024"},"content":{"rendered":"

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Source: Adam Wilson<\/a><\/p>\n

Scotland\u2019s real estate market has suffered since 2020, yet, as 2023 showed us, there is a light at the end of the tunnel.\u00a0<\/span>Mortgage interest rates have hit shockingly high numbers, affecting the housing and rental markets badly.<\/span><\/p>\n

With steadily growing demand for housing and a slow increase in post-COVID tourism, the market is becoming more stable.\u00a0<\/span>Whether you\u2019re a buyer, landlord, renter, or seller, will 2024 be the year to make your next big move?\u00a0<\/span>So, for today\u2019s article, we\u2019ll make some real estate market predictions for 2024. Let\u2019s dive right in\u2026<\/span><\/p>\n

Property Predictions for Scotland in 2024<\/span><\/h2>\n

Before we jump into the predictions, we should point out that there are loads of scam property websites out there. When you browse Scottish property online, make sure you use a VPN at all times. <\/span>To find out <\/span>what a VPN is and how it works<\/span><\/a>, follow the link<\/span>.<\/span><\/p>\n

House Prices Steadily Increasing<\/strong><\/h3>\n

After a rather stubborn 2023, March 2024 is seeing its highest house price increase in 10 months. Rightmove reported that newly marketed properties were <\/span>seeing a 1.5% price bump<\/span><\/a> on average.<\/span><\/p>\n

With increased demand and buyer activity returning to pre-pandemic levels, many are jumping on this opportunity to sell. However, with sky-high mortgage rates, the market is skewed towards investors and those less affected by high interest rates.<\/span><\/p>\n

Rental Inflation is Still on the Rise<\/h3>\n

The renter\u2019s market is still seeing inflation and fierce competition. As of February 2024, <\/span>average rent had seen a 10.9% increase<\/span><\/a> compared to a year earlier. Expect even higher rental increases in more competitive areas of Edinburgh and Glasgow.<\/span><\/p>\n

Increased interest in shared properties is to be expected, as renters are squeezed by the cost-of-living crunch. Areas of Lothian and Greater Glasgow have seen rental increases of all property types higher than the rate of inflation.<\/span><\/p>\n

With the Rent Cap Gone, Expect Price Hikes<\/strong><\/h3>\n

Becoming an Act in October 2022, the <\/span>Cost of Living (Tenant Protection) Scotland Bill<\/span><\/a> introduced temporary caps on rental increases. This bill protected tenants from major rent hikes and evictions in a time of crisis but was lifted on the 31st of March 2024.<\/span><\/p>\n

Continuing from April, we can expect:<\/span><\/p>\n