As Christmas looms and 2025 beckons Robb Residential have had another dynamic year with a continual stream of house sales and lettings keeping all the team busy, and we wanted to provide a review of 2024 and the 2025 landscape in Scotland’s middle-to-prime property market.
Before we start to fully focus on mince pies and Christmas cake, we want to update you on our team thoughts on 2024 and what we as an organisation view as coming down the line for the next 12 months.
Many marketplace themes have persisted for a few years, but subtle shifts and changes in emphasis ensure we continue to work as hard for you as ever, securing and selling beautiful, unique homes and properties, listing and letting for our landlords and happy tenants.
Please don’t hesitate to get in touch with any of our team for an informal discussion on any selling, buying or letting needs. Please contact us, email or call on 0141 225 3880.
Robb Residential Lettings have seen a very strong year with the prevailing rental market conditions vigorously highlighting the continual need for a healthy Private Rental Sector (PRS), despite the Scottish Government declaring a housing emergency in 2024.
Some key factors:
- A notable, significant increase in landlords using the Robb Residential full management service
- Reduced numbers of our landlords leaving the PRS, illustrating confidence in the sector and Robb Residential’s management excellence
- Rental rates continue to rise now that the rent cap has been removed. This has ensured increased rental yields for landlords, and eased cost pressures following the pandemic and the immediate years that followed
- Compared to 2023, buy-to-let sales are ever more prominent, with good deals at competitive rates becoming increasingly available.
Observations across the wider PRS in 2024:
- A housing emergency was declared by the Scottish Government in 2024 following statistics showing approximately 693,000 households in ‘some form of need.’ This includes 15,000 people in homeless or temporary accommodation, to 373,000 concealed households (‘concealed’ being where people in shared accommodation would prefer to live independently but cannot afford to)
- Meanwhile, 85,000 people are living in properties that are classed as ‘unfit’, highlighting the value of responsible landlords and agents providing well-appointed, safe and secure stock
- Home ownership continues to be challenging for many first-time buyers, and social housing is scarce, two further parts of the equation in the growing demand for lettings in comfortable housing
- It’s evident those living in well-maintained and affordable homes rent for longer periods, auguring well for both tenants who enjoy their property, and the landlord
- This year, a Colliers report showed that Glasgow and Edinburgh are the top two cities in the UK for residential investment
- The Scottish Housing Bill has passed Stage 1 and public consultation will begin in Spring 2025. Robb Residential is allied with SAL (Scottish Association of Landlords) who intend to lobby against any proposed changes to the rent cap (see SAL’s Housing Bill update here, as well as their five-year plan at this link)
- The PRS is an increasingly vital option for tenants and it is important that landlord voices are heard, ensuring a vibrant sector with a consistent supply of quality properties to meet demand.
Looking ahead to 2025, we see:
- A strong lettings’ market, with an expected increase in rental yields
- Landlords continuing to invest in line with continued robust demand
- More incentives and deals on offer across the board for buy-to-let mortgages
- Landlords and tenants working together to improve and maintain properties, providing further stability in the PRS
- A continued increase in Robb Residential’s presence in key Glasgow areas such as Finnieston and the West End
- Our hardworking team continuing to lobby for landlords’ rights with the Scottish Housing Bill consultation.
In 2024 we have witnessed very healthy instruction and sales levels, and with our negotiators as busy as ever we see lovely homes taking two to three weeks to sell. Buyers continue to look for great houses, focusing on property features, location and the lifestyle choices any given new home will offer.
Some key market observations:
- In a June we wrote about the increasing number of chains in the Scottish market, and we continue to see their prevalence and persistence. This emphasises the need for mature and experienced agents to know their buyers, add value to the vendor proposition and to work the entire life of the transaction for the best possible outcome. Read here about some of the ways we are doing that
- Across the UK, compared to 2023, the number of properties available for sale has increased by c. 14%, affording buyers more choice and ultimately more power. As a result, committed vendors need to market their property at a realistic price
- Overpriced properties see no to significantly fewer enquiries, viewings and general interest, so justifiably accurate pricing is key to achieving a sale
- Properties up to and around £400,000 continue to sell handsomely. Listings above that mark are taking longer to secure a buyer, emphasising the benefits of Robb Residential’s market knowledge, skilled negotiation, buyer database and working of the whole buying – selling proposition
- The mortgage rate environment remains dynamic, and the Bank of England’s two consecutive base rate drops were notable. By keeping one’s eye on the ball, engaging banks (see here) and brokers in a timely fashion, the best possible offers can be secured
- The Scottish Budget (on 4th December) announced the Additional Dwelling Supplement’s (ADS) increase from 6% to 8%. We can expect this to suppress the second property market, be that for those seeking another home in the city or country or landlords adding to their portfolio.
In summary, the middle-to-prime sales market continues to see demand outstrip supply, and although other factors are important, well-priced and well-presented properties continue to sell quicker than market expectations, especially when backed-up by an experienced, pro-active agent at the heart of the transaction.
Vendors of homes in 2025 can be assured that since 1979 the team at Robb Residential have experienced all market conditions. With proactive marketing and a managed national database of buyers (whilst many modern-day agents rely entirely on the internet), and full follow-up calls to all interested parties to establish and encourage viewings then offers, we take pride in sitting at the heart of every successful transaction.
When properties take longer to sell, we tenaciously and diligently unpick the reasons, create a picture of market response, and offer our vendors pro-active and effective remedial advice.
In the coming year we’ll be as committed as ever to delivering the same professional, high-quality and tailored services across Sales and Lettings. This includes over Christmas and New Year. At Robb Residential we are all looking forward to some downtime with family and friends, kicking back and enjoying some Festive fun, and we’re busy planning more Christmas shopping, and taste-testing of various mulled wines and mince pies. Thank you again to all our clients for allowing us to be your estate agent of choice in 2024.
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: statistics, percentages and references are correct at the time of writing.
