Encouraging Signs In The Edinburgh Property Market
CKD Galbraith has experienced some encouraging signs in the Edinburgh property market over the last quarter and predicts a positive outlook for the year ahead.
Alasdair Mackenzie, of CKD Galbraith’s Edinburgh office, believes now is a good time to be putting properties on the market prior to the traditional spring selling season.
The firm experienced a significant improvement in the Edinburgh property market over the last quarter (Oct – Dec 2013) completing double the number of sales compared to the previous quarter of 2013. Last year viewings were up 48 per cent on the previous year, and of notable interest was that half of all sales achieved in 2013 were at a closing date.
In 2013 the average sale achieved by CKD Galbraith in Edinburgh was 0.37 per cent above the home report value, with 2.9 per cent being above the asking price. This year there has been a marked increase already with average sale figures being 2.5 per cent above the home report value and 3.5 per cent above the asking price.
Alasdair Mackenzie said: “Over the last quarter we have seen an increase in business across all our offices in Scotland, in particular Edinburgh where 37 per cent of properties sold were to buyers from outside Edinburgh, with a marked increase in interest from prospective buyers from the south as well as abroad keen to invest in the capital.
“The Edinburgh market is showing encouraging signs with buyer and seller confidence returning as well as the competitive closing date system making a real comeback, with two thirds of the property sales we have agreed so far this year being at a closing date. We are looking forward to a very active market on the back of our encouraging findings.
“We would however encourage early action this year as the Scottish independence referendum is likely to cause a slight slowdown in the property market in the months leading up to the poll itself, a traditional trend which is experienced in any General Election year.
“The forecast is bright for those looking to sell in the coming months but selecting an agent with accurate knowledge of the market in order to set a prudent price and give honest advice is of paramount importance.”
CKD Galbraith Edinburgh has recently launched local Facebook and Twitter pages providing followers with updates, news and information on the local residential property market. To be the first to know about new properties available for sale in the area like and follow us at facebook.com/CKDGalbraithEdinburgh and twitter.com/Edinburgh_CKDG