House Prices Surge 6% as Mortgage Lenders Ignite Rates War with Michael Maloco

In this episode of the Scottish Property Podcast, we welcome back Michael Maloco for the September market update. Michael, a seasoned property consultant, offers valuable insights into the current trends shaping Scotland’s property market. From mortgage rates to house prices and rental demand, this episode covers the latest news and analysis for investors, homeowners, and property professionals alike.

Episode Highlights:

• Bank of England and Mortgage Rates:

  • The Bank of England has kept the base rate steady at 5%. However, there is a prediction of gradual rate drops, with future rates expected to settle around 3.5%.
  • Lenders are starting to offer competitive mortgage rates under 4%, and there is a noticeable battle among lenders in the market.

• House Prices:

  • Scotland’s house prices have risen by 6% year-on-year, with Aberdeen being the only area seeing a decline.
  • While the property market shows strong growth, larger detached homes are slower to sell compared to smaller properties, particularly in areas like Dunfermline.

• Rental Market:

  • Rental inflation has slowed to 5.4%, the lowest in three years, though demand remains high.
  • Fewer rental properties are available compared to pre-pandemic levels, and landlords are slowly exiting the market due to potential tax changes.
  • Rents are predicted to rise further in 2024 and 2025 due to limited supply.

• Impact of Government Policies:

  • The episode discusses the effects of rent caps and other government measures on the rental and buy-to-let markets, with a focus on how these policies are driving landlords away from the sector.
  • Developers in Edinburgh are shifting from building homes to student flats due to legislative challenges in the private rental sector.

• Aberdeen Market:

  • While Aberdeen continues to experience lower property prices due to the oil market downturn, it presents opportunities for investors seeking long-term capital growth.

• Global and Political Influences:

  • Global factors like the geopolitical situation and potential changes in the UK government are seen as potential influencers on the property market’s direction.
  • The upcoming UK budget may also impact the market, with possible tax adjustments on the horizon.

Tune in to hear expert analysis from Michael Maloco and stay informed on the latest developments in Scotland's property market!

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