Family Lifestyle Buyers Continues To Bolster Moray Property Market
Demand from the family lifestyle sector continues to support the Moray property market where properties in the £200,000 - £400,000 sector are selling particularly well.
The latest figures compiled by Galbraith indicated another strong quarter in terms of residential sales handled by the firm’s Elgin office, with sales being up 8% for the quarter ending 30 June 2017, compared with the same quarter of 2016.
The Elgin office also brought 16% more properties to the market compared to the first quarter of the year. Prospective buyer activity was also boosted with a 13% increase in applicant registrations compared to the same quarter last year. Rod Christie, head of residential sales for Galbraith in Moray, said:
The £200,000 - £400,000 market is selling very well with increased buyer demand resulting in a shortage of high quality housing in this price bracket.
The Moray property market is very much family driven with both locals and those looking to relocate from the south making a lifestyle choice with Speyside and the coast being a popular choice. We have many prospective buyers registered with us who are ready to move, so we would encourage anyone thinking about selling to do so now whilst the market is particularly buoyant.
Properties that are sensibly priced and enjoy a good rural yet accessible location are in high demand. Recently we have had a number of properties sold at competitive closing dates and achieving premiums over the asking price.
Across Scotland as a whole, Galbraith has reported a 10% increase in sales for the quarter ending 30 June 2017, compared to the same period in 2016. The firm handled over £42 million worth of property sales over the past quarter alone.
The lettings department for Galbraith in Elgin has also experienced a successful second quarter. Sarah Hazzard, head of lettings in Moray and the Highlands for Galbraith, commented:
Demand for rental properties throughout Moray and the Highlands is high, with properties frequently being let before coming to market. With more and more landlords selling, the private rented sector is struggling to meet demand for good quality homes. We are always looking for new properties to take on, to ease the demand.