The firm has agreed the sale of 39 properties in the past 14 days, slightly higher than the average for this time of year and an indicator of the resilience of the rural property market.
Dominic Wedderburn, senior associate with Galbraith and head of estate agency for Fife and Angus said: “Despite the turmoil on the financial markets, the Scottish property sector is performing well and demand is still good.
“Whilst the period of very intense competition between buyers immediately after lockdown has now ended, I would characterize the market as steady, with a good number of buyers across the majority of price bands.
“The most popular properties are those that are well-presented and in an appealing location. Demand for these is good and in most cases offers in excess of the asking price are received within a few weeks of marketing. The problem of low supply remains, but this is in fact a return to normal, as demand for rural property has outstripped supply for as long as I can remember.”
Other points to note in the current market include:
- Well-presented homes are the most sought-after, buyers are reluctant to undertake major renovations;
- The volume of second home buyers seems to have reduced, this may be due to a lower volume of ‘second home property’ available to buy currently;
- There is good geographic mobility, with people moving between different part of the country as a result of job relocation or for family reasons;
- Some very good offers being submitted for well-presented property in Fife, Angus, Dumfries & Galloway and Edinburgh;
- Interest rates are rising, but this follows a period of exceptionally low interest rates since the end of 2008.
Dominic Wedderburn continued: “There are a huge number of reasons why people want to live in the country – whether it is for peace and tranquility, achieving a level of self-sufficiency, enjoying a garden for entertaining, or having a few acres of land or woodland. Space to install a ground-source heat pump, a small wind turbine, or a woodland for harvesting timber are also popular requests at the moment to offset rising energy costs.”
Scott Holley of Galbraith in Perth said: “There remains a determination and motivation from serious buyers to find a suitable property. This is clear from the volume of enquiries and viewings received on newly launched property during the last seven days. Buyers are prepared to act quickly when the right house becomes available and they remain committed to the transaction, due to limited supply. For sellers, sensible pricing and a focus on presentation are crucial. A good quality family home recently launched has had 16 viewings booked in and two offers in under one week – we believe this is proof the market remains fundamentally sound.”
Currently on the market through Galbraith:
Slade House, Arbroath, Angus, Offers Over £640,000
A traditional country home with attractive gardens, swimming pool and multiple outbuildings. The property has 3 reception rooms, 6 bedrooms and is situated in a private and accessible location. The beautifully landscaped gardens are a notable feature of this property; there is also a swimming pool and hot tub, a converted barn with potential for other uses and a former stable (currently used as a gym) and workshop.
4 Blinkbonny Farm Steading, Newburgh, Cupar, Offers Over £390,000
Blinkbonny Farm Steading is an attractive small development of six superb new houses, very privately situated at the end of a shared private road. The steading enjoys wonderful views over the surrounding hills and countryside whilst local services and amenities are available in both Cupar and Newburgh. Number 4 has accommodation including: superb kitchen/dining room, lounge, utility room, shower room, 5 bedrooms (2 en suite), family bathroom. Generous enclosed gardens and parking area.
Westburn Lodge, Dunning, Perthshire. Offers Over £640,000
Westburn Lodge is a James Denholm designed detached home sitting in about two acres of private grounds. The house has generous and flexible accommodation including three reception rooms, four bedrooms and a study. Situated in an attractive rural setting the property has easy access to the popular village of Dunning and the A9. The property has a southerly outlook with 360 degree views over the surrounding countryside.