Dumfries & Galloway Property Market Holds Strong
The Dumfries and Galloway property market has experienced a strong start to the year with a boost to sales and an increase in buyer activity.
During the first three months of 2017 the firm’s regional office based in Castle Douglas experienced a 57% rise in the number of property sales completed compared to the same period of 2016. Whilst supply remained steady, prospective buyers were active over the winter months with a 22% increase in viewings and the number of new applicant registrations growing two-fold.
David Corrie, head of residential sales and lettings at the Galbraith Castle Douglas office said:
The Dumfries & Galloway market continues to show very encouraging signs with high levels of buyer activity and a healthy boost to sales.
The region still holds very strong appeal to buyers from south of the border due to the spectacular landscapes and the value for money property presents. During the first quarter of the year over 50% of buyers came from outside the region, demonstrating the regions wide appeal.
However, demand still exceeds the number of high quality properties coming onto the market across the region and competition is very strong when good houses in prime locations do appear.
For example, the Castle Douglas residential team recently handled the sale of Arkland Cottage a quaint two bedroom house near Thornhill which generated 15 viewings and offers in excess of the asking price within one month of appearing on the market with Galbraith.
Galbraith operates a network of regional offices across Scotland and figures for the firm as a whole during the last quarter of 2017 show a rise in sales of 7% compared to the same period in 2016, with 19% more properties being brought to the open market and 49% more applicant registrations. This activity equated to £47 million worth of property sales being handled by the firm over the past quarter alone.
Castle Douglas’ lettings department has also had a successful first quarter with demand remaining high for all types of rental properties. Commenting on recent lettings activity, David said:
The rental market in Dumfries and Galloway remains very buoyant with demand increasing by 50% in the first quarter compared to the same period last year.
The supply of good quality lets also rose by 33% compared to the previous quarter and viewing figures grew by a substantial 80%. Both property of good quality in town and more rural cottages benefit from high demand but the lettings team are experienced in matching the right tenants to the right property using the firm’s extensive database of prospective tenants.
As we progress into a more heavily regulated lettings sector we fully expect to see a rise in the number of landlords seeking professional advice and assistance. All Galbraith letting agents are fully accredited and offer excellent local knowledge coupled with unrivalled market experience.