Although the Scotland middle-to-prime property sunny outlook continues, it’s hard to believe it’s July, and while the weather has not changed much, the political climate has shifted considerably. Whether this represents a long-term move to bright and warmer times or a tilt towards a continued chilly political period is obviously up to each and every voter to decide.
At Robb Residential it’s important we understand how the General Election result could impact the property markets and our expectations, whilst continuing to provide the best service for all our clients.
General Election
As Rishi Sunak and his family departed No. 10 Downing Street and Keir Starmer and his wife, Victoria, became the first couple of the UK, the markets did not bat an eyelid as some of the expectations where already baked into financial market pricing, such were the odds of a Labour win. See here for what Coutts had to say.
It appears that, in the main and mirroring most of the political franchise, the world of finance is relieved to see change in the corridors of Westminster, hopefully welcoming a period of some stability, economic planning and prudence ahead. No doubt the new PM’s campaigning message and Labour manifesto to “kickstart economic growth” chimes well in the City of London’s brasseries.
It’s business as usual at Robb Residential and we’ll monitor governmental machinations and how they may impact selling, buying, letting and renting as we continue to deliver our own policy: best in class customer service, striving for all ends of every deal to be delighted they’ve made the right decisions at the right time at the right price.
We realise it’s far from typical for an estate agency to quote The Morning Star, but a good summary of investment fund reactions to Labour’s win can be found here.
The 2024 Property Market
At the risk of sounding like the frequent rain on a Velux window this summer, all our experiences at Robb Residential continue to point to themes previously laid out in our blogs of the last 12 months where we foresaw
- a robust marketplace dominated by a shortfall of stock to meet demand
- alongside buyer desire for unique, attractive homes and properties.
The consequences of this landscape are manifold, one outcome being we continue to seek ways to excel in customer satisfaction by bringing together interested parties.
Buyer Demand & Supply Gap
Properties in the middle-to-prime property space continue to be greatly sought after as buyers hunt for that highly desirable villa by a scenic coast, a steading in the verdant countryside or a beautiful home in a plush city suburb or commuter belt offering the best of all possible worlds. But the continued gap between those house hunting and the offerings available have given rise to the intensification of an existing challenge many of our clients face: if selling, what and where can I buy?
In a number of prior blogs, we have made the same points over and over again – knowledge, experience, contacts, agreeing the best possible marketing price and being pro-active are paramount for any estate agent delivering a great service and adding value.
The demand gap is seeing us bring together sellers and buyers in more than just a marriage of convenience. In a number of recent transactions where a vendor has almost been dissuaded from selling due to a dearth of buying options from their perspective, Robb Residential have been able to suggest a number of public and private listings fitting the needs and desires of the vendor, allowing their listing and marketing to progress worry-free in the knowledge that we can help them secure their next dream home. Increasingly, we are becoming a crucial link in a small chain.
As always, we continue to have a wide range of beautiful homes for sale publicly listed, as well as various off-market listings that fit many of our client needs. And we maintain a pool of keen private buyers and sellers from the UK and beyond looking for various properties across a range of towns, cities, and varied geographies.
It’s a simple yet fundamental part of the Robb Residential offering that we work hard to deliver the best results for all sides of a transaction, and increasingly this involves securing for our vendor clients their next home, too, allowing their property sale to progress without the uncertainty of not knowing their next move.
We have also been innovating when it comes to making transactions more secure for our vendors. You may have seen our piece in Scottish Field, and a longer version can be found on our website: Putting Risk Mitigation at the Heart of Prime Property Transactions
Inflation & Mortgage Rate Outlooks
Although many buyers in our marketplace are not as price and mortgage sensitive as elsewhere, the inflationary and mortgage rate outlooks remain important for all, as they underscore wider economic confidence and belief in the art of the possible. That said, it should be noted that times have changed in the world of retail finance and increasingly the high street banks want and are obliged to help customers find the best deals for leveraging their ability to borrow, as well as assisting when times are tougher.
The website Statista shows that for 2024 the overall inflation rate is expected to be 2.2%, down from a high of 9.1% two years ago. As a result, the residential property market continues to enjoy a much more positive outlook including, after the General Election, some housebuilders seeing an uptick in their share prices, as reported by the BBC and elsewhere.
UK interest rates are forecast to fall, with the debate being around the timing, not the direction of travel. Emphasising these predictions, it’s being suggested that savers find lucrative rates for their cash now, allowing them to benefit from generous percentages before the trend recontinues downwards. As ever, property continues to be a solid investment whether it be for you, your family or in pure yield terms.
A Professional, Tailored Approach
You can see all our properties for sale, and how we market them in a professional, tailored way at any and all of the links below. We don’t just sell property, we sell lifestyles, locations, amenities and all the facets that make any listing attractive to the marketplace.
If you don’t see now or in the future what you are looking for, please get in touch. We are always bringing new homes to the market. This week’s conversation could be next week’s successful offer.
Robb Residential are available for a confidential chat, or pop in to our office for a coffee and a discussion about what you hope to achieve with any sale or purchase. Or just get your details on our database so we can reach out when the time feels right, we’re here to assist.
Robb Residential on OnTheMarket
Robb Residential are an Estate Agent based in Glasgow who deal in a range of unique and beautiful properties in the middle-to-prime market in Scotland. For more information, please contact us, email or call on 0141 225 3880.
Note: all statistics, percentages and references are correct at the time of writing.
