The Registers of Scotland reported that from October to December 2015, the volume of residential property sales in Scotland increased by 14.5% compared with the same period in the previous year. The average property price in the quarter was 167,734 an increase of 1.6% compared to the previous year.
CKD Galbraith's sales figures over the same period reflect this national trend with a 17% increase in the volume of sales achieved in comparison to the same period last year. The average value of property sold by the firm was 384,000, an increasing of 19.8% on the same quarter of 2014.
Simon Brown, partner and head of residential sales at CKD Galbraith, said:
Research conducted by our firm over the previous quarter (Oct Dec) presents an encouraging picture for the Scottish property market as a whole as it has endured many changes over the last year. Our figures reflect the Scottish property market's overall growth and stability with our sales up 17% and the average value of property sold by the firm increasing by 19.8%.
Looking ahead over the next quarter we expect to see a number of changes to the Scottish property market. The 3% levy on second homes being introduced in April will no doubt bring a flurry of property sales to the market to beat the deadline as well as impact house prices as buyers of buy-to-lets will seek to pass on the extra purchase costs by reducing the price they are prepared to pay.
Demand for prime property at the top end of the market looks set to continue, especially in Edinburgh and the surrounding areas.
Generally, the Scottish property market is demonstrating healthy growth with good quality properties selling quickly and some very encouraging signs for the year ahead especially as we approach the prime Spring selling period.