Ron Hastings from Hastings Legal shares his property market predictions for 2024.
Prices to rise on a steady basis
2024 is looking like another good year for property in the Borders. Despite the economic problems, and some other areas experiencing a downturn the Borders market is looking buoyant and at Hastings Legal we expect that prices will continue at a steady and stable basis in the foreseeable future.
Scarcity of properties to buy
The main factor behind the current strong prices is due to the scarcity of properties. Borders homeowners tend to be more settled with our Borders pace of life with of a tie to a place to work and economic factors such as employment trends.
Moderated growth in the market
Having said that, seller’s price expectations have moderated in recent months and again this is likely to be a continuing trend with a more realistic view taken on the sale price that can be achieved which is generally going to be closer to the Home Report valuation, not 20% or more over as has been experienced in recent years.
Rental market to remain strong
The rental market is also proving particularly strong due to the shortage of suitable properties right across the range.
A recent trend has seen sellers taking advantage of a favourable sale price and wanting to be in a good position for their onward purchase. This means in the meantime being prepared to take a break from buying if they can’t find the right place so long as they can source a suitable rental property to move in to while they wait for their ideal home to come on market.
Best properties for buy to let investment
The best rental investment property remains one or two bedroom flats which can still be attained in a price range which reflects a good return for investment landlords looking to provide a home for those who are depending on rentals.
A positive for investors but not so for new tenants is the anomaly whereby The Scottish Government restrictions on rent increases do not apply to new leases and landlords are now setting rents at a level which is going to work for them in terms of investment.
However, they should be careful to take advice as setting this at a level that is not achievable could lose several months income when the property remains on market bearing in mind that for most there is a level beyond which the Borders market cannot afford.
All in all, therefore we see a good outlook both in terms of sales and lettings and we wish all our clients both sellers, buyers and landlords and tenants a happy and prosperous New Year.
Ron Hastings, Hastings Legal.
“2024 is looking like another good year for property in the Borders.”Ron Hastings
Hastings Legal are trusted and long-established Solicitor Estate Agents in the Scottish Borders.
• Selling your property with a Solicitor Estate Agent means you have control of the process from start to finish.
• Our Virtual Viewing Video Tours are the New Normal for a first viewing and are included for no extra charge.
• Our extensive database of purchasers who are looking to buy their dream home in this area is at your disposal.
• Our advertising reach is both local and national including our High Street Offices, exclusive ESPC* and Rightmove
• Professional photographs as standard
• We regularly achieve more than the Home Report Value for our Sellers, often at Closing Date
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