Encouraging Start To Scotland's Housing Market
CKD Galbraith can report a slightly more positive start to the year than expected, having experienced an encouraging level of activity in Scotland's property market.
Following research for the first month of 2012, all 12 offices experienced an increase in the number of property viewings and new applicants registering with the firm.
The number of property viewings during January 2012 is up 68% on the same period for 2011, whilst the number of new buyers registered with the firm and actively seeking property throughout the country has increased by 37%. The number of properties sold or under offer has remained steady compared to this time last year.
Across the country the firm has also conducted considerably more market appraisals this month, an increase of 73% compared to last year’s figures, as well as being successful in achieving more instructions, bringing 44% more properties to the market during the same period.
In 2011, CKD Galbraith sold property totalling in excess of £200million across the whole of Scotland. The like for like data for 2011 compared to 2010 showed that viewing figures were up last year across the firm by a staggering 148% with the number of properties sold during 2011 increasing by 16%.
Bob Cherry, partner, said: “We have been encouraged by the recent more positive interest we have witnessed for the start of the year and we hope that this might indicate a degree of confidence returning at last to the property market.
“There are serious buyers out there willing to purchase but it remains very much a buyer’s market, so it is critical that property is priced accordingly and professional marketing is more important than ever. We do not envisage prices in Scotland to fall throughout 2012 and we believe now may prove the right time to buy.”
Latest figures from the Registers of Scotland revealed that the average price of a residential property in Scotland decreased by 0.5% during the third quarter of the financial year 2011/12 (Oct-Dec`11) compared to the same period the previous year. The average price of a residential property for this quarter was £157,174, whilst in comparison the average price of property sold by CKD Galbraith during the same period was £398,000.
There are currently over 2400 active buyers registered on the firm’s advanced marketing database with approximately 20% being cash buyers.
Prices achieved for all properties sold by the firm during 2012 were, like 2011, on average within 0.5% of the asking price, highlighting the firm’s unrivalled local knowledge of the market and expertise in setting prudent valuations.
To discuss selling or buying a property with our experienced teams please do not hesitate to get in touch with one of our 12 offices.