“Very Encouraging Picture” for Edinburgh Property Market
The Edinburgh property market continues to prosper according to latest figures released by CKD Galbraith’ Edinburgh office.
They report an increase in the volume of property sales and conducted more viewings during the final quarter of 2015 (Q4 Oct – Dec 2015) compared to the previous quarter.
CKD Galbraith’s Edinburgh statistics from the final quarter of 2015 (Q4 Oct - Dec 2015) show:
- The number of properties sold during this period was up 30% compared to Q3 of 2015 and up by the same percentage on Q4 figures of 2014
- The number of viewings conducted rose by 72% compared to the previous quarter
- Property registered for sale increased by 20% in comparison to the previous quarter and up 14% on the same quarter of 2014
- The average value of property sold rose to £596,000 in the final quarter of 2015
- Property in the area sold, on average, almost three weeks quicker in comparison to the same period the previous year
The increase in CKD Galbraith’s Edinburgh property sales reflects the latest figures recorded by Registers of Scotland (report published 2 February) which outlined that from October to December 2015, the highest volume of sales was recorded in Edinburgh city, showing an increase of 21.4% compared with the same quarter the previous year.
Jamie McNeill, Head of Residential at CKD Galbraith’s Edinburgh office, said:
The Edinburgh property market has continued to show positive signs of activity throughout the final quarter of 2015 with our sales figures increasing and the number of property viewings conducted by our sales team up significantly.
We saw the sale of high end family homes and townhouses in excess of £750,000 continue to grow throughout the final quarter of 2015, which is reflected in our average sale price, whilst the market for good quality property at a range of prices is still strong. Our team conducted a significantly higher volume of viewings from potential buyers who have confidence in the Edinburgh market and are prepared to engage in competition, with most properties now selling at a closing date.
In particular, areas with excellent local schooling and amenities such as Colinton, Morningside, Barnton and Cramond have performed particularly well, with CKD Galbraith achieving premium prices for a number of properties in these areas.
Despite the market as a whole 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 a very encouraging picture in Edinburgh so far for the start of 2016, which should be enhanced further as we approach the prime Spring selling period.
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.