The Perthshire Property Market - Looking back at 2023 and forward to 2024

In this blog, Gary takes a look back at how the property market performed during 2023 and also looks ahead at how 2024 might shape up.

 It's fair to say the market started pretty slowly at the beginning of the year. This was largely due to the unexpected rise in the cost of living and the hike in utility bills that became a feature from the Autumn of 2022. Naturally when people feel unsure or apprehensive about finances, they can often put plans on hold until they get more confidence around the longer term view. And of course, there was an element of the market 'calming down' after a very unusual few years during the pandemic. 2021 and 2022 saw an unprecedented level of activity as people were keen to get back to their plans that had been halted during lockdown. Also at this time, lending was incredibly cheap which skyrocketed the volume of properties coming on the market and because there were higher levels of competition we saw that increase the prices that properties were selling for. So, all in all a pretty crazy period.

 So as things began to return to 'normal' during 2023, it caused an initial drop in activity levels. But, steadily, motivated buyers and sellers came into the market and simply accepted that if they wanted to move home they had to press ahead with their plans. The bonus of course was that they weren’t having to pay way over the odds like was often the case in 2022. The market picked up into the year as mortgage rates began to hold and, in some cases, even come down. Stability breeds confidence in the property market.

 During 2023 we helped to secure over 220 sales across Perthshire, the second consecutive year we have done so, and our market share increased too. I think one of the reasons our approach was still shown to be very effective during this unpredictable market, is that we gave an even greater emphasis on the quality of our marketing materials with a big investment in some new camera technology and also because we based our advice on values and pricing during the current market, not just what happened in 2022. Different market conditions demand a different strategy.

 Into 2024 I think that things could be a bit better than 2023 with mortgage rates holding and lenders looking to entice new business with better rates. There will be more confidence in the financial markets and this will stimulate competition both in terms of deals from lenders but also in terms of more properties/buyers in the market. Accurate pricing for the current market conditions will again be absolutely key in this environment. And as ever, but particularly in a market like that, extensive and effective marketing will be critical – properties will not necessarily sell themselves. If you are thinking of putting your property on the market in 2024, one thing to consider is timing. Typically, people look to put their homes on the market in the Spring when their gardens are looking a bit better and the longer days and extended sunlight helps with viewings. However, this can create a really good opportunity for people to get their property on the market earlier in the year - there will be fewer properties to compete with which of course helps your property stand out more in buyer's searches. But the first thing to do - talk to us. As you would expect, we keep incredibly close to all of these moving parts and can advise on the best steps for you to take to get moving with your own plans.

Bringing over 20 years local estate agency experience, Possible are Perthshire's only company who are solely dedicated to selling properties. We cover the entire Perthshire area and over the years have helped hundreds of clients in locations such as Perth, Scone, Bridge of Earn, Auchterarder, Crieff, Blairgowrie, Luncarty, Bankfoot, Pitlochry and everywhere else in between.