Andrew Diamond, Partner and Head of our Residential Property team reveals that realistic pricing is more critical than ever in Scotland’s housing market. While sales nationally are on the rise, he says properties need to hit a sweet spot price-wise if they are to attract buyers.
“While the market has a spring in its step - with renewed confidence all-round - it’s not to the extent of it being a runaway sellers’ market.
“Demand is robust and prices are rising, but that’s accompanied by a firm sense of realism about what homes are worth.
“This makes it more important than ever for properties to be priced accurately when they are first placed on the market.”
Andrew, who is also chair of solicitors’ property collective ESPC, added: “In a soaraway sellers’ market, buyers want to snap things up quickly before prices rise further. In a balanced market - like we have now - they’re more discerning.
“Price your home too high and you may struggle to get serious viewers. Price it too low and you could get less than you want or need.”
Registers of Scotland statistics - for the fourth quarter of 2024 - showed there were 28,099 residential property sales registered nationally, a year-on-year increase of 11.5%.
Our teams are reporting a year-on-year increase in buyer enquiries, with more properties coming on to the market. With further falls in interest rates expected throughout this year, the property market is expected to remain settled and robust.
Maurice Allan, Managing Director of Residential Property, said: “There’s a steadiness and balance in the market, providing a welcome predictability to the business of buying and selling your home.
“With more attractive mortgage deals available than this time last year, nerves which affected the market at this point in 2024 seem to have settled, giving people the reassurance to go ahead with a move.
“Good Estate Agency is the art of creating for the seller the most effective competitive situation amongst buyers. Price your home too high and you may struggle to get viewers. Price it too low and the ensuing crowd may scare off the serious viewers.”
Average house prices in Scotland - measured during the last quarter by the UK House Price Index - rose by 5.3% to £188,000. That represented the fourth consecutive quarter of positive growth.
Article featured in Scottish Business News on 5 May 2025.