Market Update November

Looking at the Lanarkshire Market Place for November

It’s not all doom and gloom for the last quarter in 2023

“Scotland was the fastest selling region in the UK during September 2023, with 60% of homes sold within 30 days of being listed. This rate was significantly higher than the UK average of 37%”

November, being part of the autumn and early winter months, often sees a slowdown in market activity compared to the spring and summer. This is partly due to shorter, colder days and approaching holidays, which can affect both buyers' and sellers' motivations.

Those who are house hunting in November are often serious buyers, motivated by factors such as job relocations, changes in family circumstances, or the desire to settle into a new home before the end of the year.

Let’s have a brief look at what’s been happening over the last month in the local property market around Lanarkshire.

There are currently 865 properties available on the market in the area. The month prior there were 922, with 879 in September and 893 in August. This is an encouraging factor considering the uncertainty of the mortgage market. These figures are also an improvement on the figures the same time last year.

There are also more properties coming onto the market each month. In November, there were 383, October there were 343, September 314, and in August 309. This could explain the higher number of available properties as there were more to choose from.

In November, 287 sales were agreed. In October, 307 sales were agreed. The month before, 299 sales were agreed with 330 being the month before. In November there has been flurry of sales as people try and conclude and get things tied up for Christmas.

In November, there were 75 price reductions. There were 102 price reductions in October and 92 in September, we saw 82 price reductions across the Lanarkshire property market as a whole. The number of price reductions have significantly increased year on year with a jump of almost 80%. This is a reflection of the number of buyers in the market this year compared to last year.

In November, there were 263 slow movers in the Lanarkshire area. This means a property that has been on the market for 12 weeks or more. This could be due to the market returning to more normal levels but expectations still being at the peak levels. In October, there were 251 slow movers on the market In September, there were 209 and in August, there were 201. These figures are four times as high as they were around the same period last year.

Slow movers can often be due to the 3 Ps - presentation, promotion, or price. We are proud to be in the top 10 agents in the area with the smallest numbers of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans.

In November, each property in the Lanarkshire area had average daily views on Rightmove per property of 104. In October, this figure was 99 and September it was 117. In August, this number has jumped back up to 123. This shows the high levels of activity in the local Lanarkshire property market, which are likely to increase or at the very least, remain strong in the final quarter of the year.

If you’re looking for further information about the Lanarkshire property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01698 441327 or email sales@lanarkshireestateagents.co.uk.