“Increased Competition and Gradual Improvement” in Ayrshire Property Market
The Ayrshire property market continues to prosper according to latest figures released by CKD Galbraith’s Ayr office.
They report an increase in the volume of property sales and an increase in the average value of property sold during the final quarter of 2015 (Q4 Oct – Dec 2015) compared to the previous quarter as well as being up on the same quarter of 2014.
- CKD Galbraith’s Ayr statistics from the final quarter of 2015 (Q4 Oct - Dec 2015) show:
- The number of properties sold during this period was up two fold compared to Q4 of 2014
- The average value of property sold rose to £381,000, up by 39.8% compared to the final quarter of 2014
- Property in the area sold, on average, almost three months quicker than the previous quarter
The increase in CKD Galbraith’s Ayrshire property sales reflects the latest figures recorded by Registers of Scotland (report published 2 February) which outlined that from October to December 2015 East Ayrshire sales increased by 20.3%, North Ayrshire sales rose by 19.3% and South Ayrshire sales were up 5.9%, in comparison to the same quarter the previous year.
Bob Cherry, partner and head of residential sales at CKD Galbraith’s Ayr office said:
The Ayrshire property market has continued to show positive results throughout the final quarter of 2015 with our sales figures increasing steadily.
Local buyers continue to dominate the Ayrshire market with increased competition and gradual improvements which is to be expected as we move into a new year and activity naturally increases. Despite the market having endured some significant changes over the last year, with the introduction of the LBTT and the 3% levy on second homes coming into play this April, we are witnessing an encouraging picture in Ayrshire so far for the start of 2016, which should be enhanced further as we approach the prime Spring selling period.
There were also positive signs in the Ayrshire lettings sector.
Marjory Douglas, of CKD Galbraith’s lettings department in Ayr, said:
We are greatly encouraged by our findings for the final quarter of 2015, indicating continued strength in the Ayrshire rental sector. There has been an encouraging increase of 25% in the number of properties let this quarter compared the previous quarter. Demand for high quality lets is still outstripping supply and with the 3% levy soon to be introduce now is the time to act if you have been considering investing in a buy-to-let property.
The latest Registers of Scotland report also outlined that from October to December 2015, the total volume of residential property sales in Scotland increased by 14.5% compared with the same period in the previous year. The average property price in the quarter was £167,734 an increase of 1.6% compared to the previous year.
CKD Galbraith operates a network of offices throughout Scotland and figures for the firm as a whole, over the same period, reflect this national trend with a 17% increase in the volume of sales achieved in comparison to the same period last year and the average value of property sold by the firm being £384,000, an increasing of 19.8% on the same quarter of 2014.