For Ayrshire, Galbraith reported fourth quarter sales up 54% year-on-year and up by 43% compared with the preceding quarter. The average time taken to sell property in the region has fallen by 29% compared with the same quarter 12 months earlier.
Bob Cherry, head of residential sales and lettings for Galbraith in Ayrshire said:
We are seeing very strong demand and continued consumer confidence in Ayrshire. Sales have exceeded our expectations and it seems that this market upswing is related to the strength of the Glasgow market, particularly the southside. Buyers in Glasgow suburbs such as Newton Mearns or Giffnock have found that the market is moving so quickly they are missing out because houses are selling before they can put in an offer.
Added to the speed of the market, prices in these affluent parts of Glasgow are rising, despite already being significantly higher than most parts of Ayrshire.
The cumulative effect is that many people seeking to buy in Glasgow have widened their search area to include Northern and Eastern Ayrshire, plus properties within easy reach of the A77. Once they start looking in Ayrshire it is clear that the affordability and lifestyle on offer is a major attraction. Anyone with a budget of £450,000 for a property in the southside of Glasgow is pleasantly surprised by the type of property they can afford here – often a lovely country home with some land. We have seen many people making an offer for a property in Ayrshire before selling their Glasgow home, because they are confident they can complete relatively quickly. As a result of this, more of our properties are now being sold at a closing date after attracting competing bids.
Galbraith’s residential lettings department also enjoyed a strong level of demand during the quarter, with lets agreed rising by 20% year-on-year. The number of prospective tenants registering with the firm also increased by 20% in comparison to the fourth quarter of 2017. The average time taken by Galbraith to let a property in Ayrshire was just 12 days, a reduction from the 28-day average recorded by the firm in the same quarter one year earlier.
Bob Cherry continued:
There are tenants registered with us waiting to secure a rental property in most parts of Ayrshire. The market is characterised by restricted supply and there is no sign that this will change in the near future. Landlords can rest assured that there is no shortage of tenants. In most cases, landlords can expect a tenant to be moving into the property within weeks of it coming on the market, with little or no advertising required.
Galbraith is Scotland’s leading independent property consultancy. The firm enjoyed revenue growth of 8% during 2018 and profits rose by £84,000 to £2.3m. On average the firm handles £54 million worth of property sales per quarter for Scotland as a whole.