Edinburgh Estate Agent: Property Market Trends to Expect in 2024
In this article, we will give you a glimpse of what analysts predict for the year 2024 as well as focusing on the Edinburgh rental market, mid-market rents in Edinburgh, and overall Edinburgh property market. Keep reading and learn more about property’s future in Edinburgh brought by Umega.
House Prices on the Rise
House prices in the Edinburgh property market are projected to continue rising throughout 2024, following a surge in demand for home purchases, the highest seen since before the COVID-19 pandemic.
Rightmove reported a 1.5% increase in new property listings in March 2024. These steady gains suggest a potentially favorable moment for sellers considering putting their homes on the market.
Additionally, mid-market rents in Edinburgh are on the rise, making both renting and buying homes in the city increasingly costly.
Rental Inflation
Rent prices have increased at a very high rate across the board recently within the Edinburgh rental market. By February 2024 average rents rose by 10.9% compared to previous year’s figures.
This has been very evident especially across popular areas of Edinburgh where everyone wants to rent. Due to this huge demand, renters may face higher costs and more competition when seeking houses with vacancies.
Moreover, mid-market rents in Edinburgh continue going up making it harder for people who want somewhere they can live.
Impact of Rent Cap Removal
There are also expectations that following the elimination of rent cap in the area come March 2024, rents would rise further in the Edinburgh property market. The changes could lead to medium or even big rent increases particularly in areas that are much loved.
Consequently, landlords may become keener in choosing the type of tenants they accommodate. This has the potential of resulting in more evictions and challenges to rent increases through Rent Service Scotland.
For this reason, any changes arising from them are being closely observed by Edinburgh estate agents because they will have an effect on mid market rents in Edinburgh as well as the entire Edinburgh property market of the city.
Shift to Rural Properties
As rents rise in town, more people are considering rural properties near Edinburgh. Regions such as Lothian are becoming popular because many individuals want less expensive homes outside cities.
Those looking for cheap alternatives to urban areas rents may therefore continue with this trend. This is also affecting mid-market rents in the Edinburgh rental market according to Edinburgh estate agents.
Increased Demand for Shared Properties
The rising cost of renting is making an increasing number of people consider shared accommodation arrangements. It particularly helps those who rely on rented housing divide their expenditure among several households, thus reducing the overall living expenses.
It is these shared accommodations that are increasingly becoming popular mainly among the young working class or studying population. As far as rental market trends in Edinburgh go, it can be noted that realtors have noted such a shift happening now and impacting upon mid-market rents in Edinburgh.
Fewer Homes in Tourist Areas
There is growing difficulty in buying homes in popular tourist areas as tourism picks up and cities are being regenerated. This has made it difficult for potential buyers to compete during auctions that have resulted in fierce competition.
To escape the rising cost of living, a lot of local people are moving out to more affordable places.
Edinburgh estate agents have noted this trend, which has an impact on the availability of housing stock within these regions.
Less Demand for Big Offices
After COVID-19, many enterprises in Scotland have embraced hybrid and remote working modes. Consequently, companies do not require much space for their offices anymore. Instead, customers and tenants are looking forward to smaller and cheaper office premises located strategically.
Besides, such buildings must feature mixed-use provisions and home-office spaces included.
They also prefer buildings that offer mixed-use spaces and home office options. Edinburgh estate agents are adapting to these changes in the market.
About Umega
Umega is an award-winning Edinburgh estate agent. The firm’s highly regarded customer service and innovative approach towards property management makes it stand out as well. Umega helps landlords, tenants, sellers, and buyers with their property needs, making the process smooth and stress-free. Whether you’re looking to buy, sell, or rent, Umega is there to support you every step of the way.
Comments
Post a Comment