A Change Of Pace For The Scottish Property Market
CKD Galbraith supports the findings of Registers of Scotland’s quarterly housing price statistics report and announces a successful quarter with a notable change in seasonal selling habits.
Registers of Scotland reported that from January to March 2017, the volume of residential property sales in Scotland increased by 3.4% whilst the total value of sales across Scotland also grew by 5.5% compared with the same quarter of 2016.
Whilst the winter months and first quarter of the year have traditionally been held as a less favourable time to sell, the steady increase in sales reported by Registers of Scotland demonstrates that generally the appetite of buyers didn’t appear dampened during the colder months.
CKD Galbraith’s figures reflect this trend with residential property sales increasing by 7% last quarter in comparison with the same period of 2016, equating to £47 million worth of property sales being handled by the firm over the past three months.
Over the same period, the firm also recorded a 57% increase in property viewings compared with the first quarter of last year and a 49% growth in applicant registrations. However, demand continued to outstrip the supply of properties coming to the market, demonstrating that sellers haven’t yet seized upon the opportunity presented by earlier bird buyers.
Simon Brown, partner and head of residential sales at CKD Galbraith, said:
Our figures mirror the last Registers of Scotland report and reflect the fact that sellers now reap the benefits of a twelve month market and should not wait until the spring and summer months to market and sell their homes.
As a Scottish-based firm with international reach, we have experienced strong levels of demand across all aspects of the residential market during the first three months of the year. This is due to the competitive pricing and value for money that remains available across the country.
Looking ahead over the next quarter we expect to see a number of changes to the Scottish property market. As is typically the case in general election years, we anticipate that the uncertainty caused may well slow the property market down in the weeks leading up to 8th June. The market will, we believe, pick up again and continue growing once the dust has settled.