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April 2024

Stirling & Clackmannan Property POV

The market has been witnessing a cautious yet optimistic outlook as of early 2024. The market’s resilience is also supported by an uptick in demand, as indicated by a majority of surveyors reporting both increasing supply and demand for the first time since March 2021. Consumer confidence has improved, reaching a two-year high in January, bolstered by diminishing fears of a significant recession and a continuous downward trend in inflation. This improved sentiment has led to a 23% increase in sales agreed in January compared to the same period last year.

According to Zoopla, property prices in Clackmannanshire rose 3.6% over the past year, ahead of the national average. The increase has added £5,000 to the typical home, with the average value now sitting at £142,800.

Mortgage rates have played a crucial role in shaping the current state of the market. Initially, lenders reduced rates to compete in a market of low activity, anticipating an early reduction in the Bank of England base rate. The base rate cut, now expected in May, is seen as a response to a weaker than previously expected economy in 2023 and a faster than anticipated fall in inflation.

Rental markets have not been left unaffected. The annual rental growth across the UK slowed to 8.3% in 2023, down from 8.8% in the previous year. Despite this deceleration, rental growth remains historically high, suggesting a market that continues to face affordability pressures.

Property Market Insights

Stirling

Average price is£276,595

in Stirling & Clackmannan

Average rent is£975 pcm

in Stirling & Clackmannan

Most in demand is3 bed end terrace

or semi-detached house

April Highlights

3 Bedroom End Terrace

A beautifully renovated three-bedroom end terrace house on the charming Kent Road in Alloa, offering a perfect blend of modern amenities and comfortable living spaces.

4 bedroom, detached house with conservatory

This exquisite four-bedroom detached house promises a harmonious blend of comfort, style and spaciousness, making it an ideal sanctuary for families or those who cherish space and tranquillity.

Success Story

We marketed the 2 bedroom, 1st floor flat at 24 Harbour Way, Alloa on Monday 1st April and had an offer, above the home report value, agreed by Wednesday 3rd April.

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O’Malley Finance Services Ltd is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority. O’Malley Finance Services Ltd. Registered Office: 6 Primrose Street, Alloa, Clackmannanshire, Scotland, FK10 1JG.Registered in England: SC490368.

Letting Agent Registration Number (LARN) – LARN1904027

Members of The Property Ombudsman (TPO) scheme – (www.tpos.co.uk)

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