The firm sells 130 residential properties per annum in Dumfries & Galloway, on average, with the majority of these in the mid-market or premium price brackets. For the quarter ending 30 September 2018, sales are up by 31 per cent and property viewings are up by 17 per cent compared to the preceding quarter.
David Corrie, who leads the firm’s Castle Douglas office, said:
We are on course to have our busiest year ever for sales from the Castle Douglas office. We are seeing a return to healthy levels of interest in property across the board, with a reduction in the time taken to sell, on average, as long as the property is realistically priced. For the most attractive properties, there is often a good degree of interest from competing buyers and in many cases a closing date is imposed. This strengthening of the market has been building gradually over the past two years.
Today the average length of time taken to sell a property is back to where it was before the global financial crash of 2008. Although this remains a price-sensitive market, overall the current picture is certainly good news for home owners looking to put their property on the market in the next quarter as there is strong demand and a relatively restricted supply in the region.
Galbraith’s sales figures for the quarter ending 30 September 2018 show that 80% of properties on their books sold within the quarter and average property prices have remained unchanged over the past two years. For the quarter ending 30 September 2018, the average price of property sold through the Castle Douglas office was £309,000, up from £287,000 for the same period in 2017. David Corrie continued:
Dumfries & Galloway does not offer rapid house price growth to the extent seen in some parts of Scotland but more important to buyers is the fact that there is a good degree of stability in the property market and the general trend is for modest price rises over a period of years. The lifestyle on offer in Dumfries & Galloway is a major draw for people from all over the UK and there seems to be increasing demand for country cottages and rural property with a small amount of land.
One property which has attracted a considerable degree of interest is a house dating from the late eighteenth century which requires complete renovation but will make a magnificent country home once the modernisation is complete. That has a relatively affordable guide price and has eight acres of land. A closing date was imposed after just one week on the market due to the number of viewings it attracted. The fastest house sales are typically those which offer the potential to add value, or those which are visually attractive, well-presented and in a desirable location. In all cases, it is worth taking the time to ensure that a property is properly appraised and realistically priced before bringing it to the market.
Galbraith has a network of eleven offices throughout Scotland, handling residential property sales worth £54 million per quarter. The firm also manages and sells rural estates, farms, smallholdings and land. The Galbraith rural team provide advice on over three million acres of land throughout the country.