Those who have sold their house after seven years of ownership have benefited from some spectacular price uplifts, in all parts of the country.
In Fife, Wellwood House, a superb Georgian property, was sold by Galbraith in 2014 for £374,000 and sold by the firm again in 2021 for £483,000, representing a 29 per cent increase.
In Inverness-shire, Creel Lodge sold originally for £525,000 and the team in Inverness then sold it again in 2021 for £725,000, representing a 38 per cent increase over the period. The property enjoys a superb waterfront location on the North Fleet estuary in Sutherland and won a RIBA award for its architecture.
Dumfries and Galloway has witnessed an exceptionally strong property market over the past seven years.
East Barmoffity, located in Castle Douglas, a pretty smallholding with a four-bedroom house, 23 acres of pasture land and two acres of wetland sold for £480,000 in 2014 and in 2021 sold for £725,000, representing a 51 per cent increase, although this included a small extension to the house.
David Corrie, head of residential agency for Galbraith in Dumfries and Galloway said: “The Scottish property market has shown good growth over the past seven years with many of the properties we have re-sold increasing by around 30 per cent, although some achieved significantly more. Dumfries and Galloway, along with several other regions of Scotland, represents very good value for money compared with other parts of the UK.
“Home owners do typically get itchy feet around the seven to ten year stage as circumstances change and families grow. It’s natural to reassess your lifestyle periodically and this was particularly evident over the past couple of years due to the upheaval caused by the pandemic.
“Across all regions of Scotland, more buyers now have the ability to work from home, providing a golden opportunity to achieve the lifestyle they have always wanted. This has created greater competition for the best properties and led to some significant premiums being paid.”
Galbraith handles the sale of property valued at £55.4m on average per quarter. The firm has 13 offices across Scotland and the north of England and two-thirds of its property sales are to buyers registered with the firm.