The Edinburgh Residential Property Market is Set For A Healthy 2015
CKD Galbraith believes the outlook is optimistic for 2015, following a successful year in 2014; with encouraging levels of activity in the property market throughout Scotland and a return to competitive bidding.
The fourth quarter of 2014 (October - December) saw property sales and registration figures in Edinburgh continue to grow on the previous quarter’s figures according to new research conducted by the firm’s office in the capital city. Despite the slowdown during the referendum the market bounced back in November and confidence returned along with English and international buyers.
Edinburgh has truly been one of CKD Galbraith’s success stories for 2014. The Edinburgh office’s statistics from the final quarter of 2014 show:
The number of properties sold through CKD Galbraith increased by an impressive 50% from the third to fourth quarter
The number of interested buyers registering with the firm rose by 51% compared to the last quarter as well
Average house prices in Edinburgh have also seen a significant increase rising from £253,00 in the third quarter to £340,000 in the final three months of 2014
34% of buyers were local, 50% were national and 16% were international buyers
Jennifer Campbell, of CKD Galbraith’s Edinburgh office, said:
“Centralising our operations to the Edinburgh office from Peebles has proven to be hugely successful and the figures for the final quarter of 2014 reflect this”.
“The fourth quarter saw a return to high sale numbers and a desire to get transactions finalised before the 1st April when the changes to stamp duty occur. The Edinburgh market has also seen a return of buyers from down south and abroad since the uncertainty of September’s referendum disappeared”.
“Demand continues to outstrip supply across Edinburgh. The south side also remains extremely popular for its proximity to good schools. In areas such as Peebles there has been a trend towards bungalows and affordable family homes; we expect sales figures to keep increasing throughout the first quarter of 2015 and not to show signs of slowing down until the general elections in May.”
CKD Galbraith operates a network of regional offices located throughout the country and has enjoyed good growth over the last year. The firm as a whole experienced a 24% increase in the number of sales in the final quarter of 2014 compared to the third quarter. As well as the improvement in sales figures, there was also a 23% increase in the number of viewings against 2013’s figures for the final quarter.
Throughout 2014, CKD Galbraith handled property in excess of £375million covering property throughout the whole of Scotland. Prices achieved for all properties sold by the firm during 2014 were, on average 1.54% over the asking price, highlighting the firm’s unrivalled local knowledge of the market and expertise in setting prudent valuations.