Healthy Property Market In Aberdeenshire And Increased Demand For High Quality City Properties
The Aberdeenshire property market has had a flying start to the year with encouraging levels of demand and high quality property coming to the market, and an increase in property viewings, according to CKD Galbraith.
2014 was a year of steady growth for the Scottish property market and CKD Galbraith’s statistics from the first quarter of 2015 suggest that this trend is set to continue with the firm’s overall sales up 24% compared to the same period last year. As the traditional spring selling season commences the firm’s offices across Scotland are generally reporting rising levels of buyer confidence and activity.
CKD Galbraith research reported that the first quarter of 2015, from January to March, saw the number of properties on the Aberdeen market rise by 24% compared to the previous quarter. Buyer interest was also significantly up with a 40% increase in property viewings and a 49% rise in potential buyers registering with the office in comparison to the last quarter of 2014.
Jordan Mackay, head of residential at the Aberdeen office, said: "Aberdeen has experienced an increased demand for high quality city properties and I’m confident that our established team has an unrivalled advantage in the local market to be able to secure and sell such properties."
"The statistics demonstrate a healthy market and we forecast this is likely to continue throughout the spring and summer months."
CKD Galbraith’s Aberdeen statistics from the first quarter also show:-
- Property supply has remained steady despite a slight nervousness surrounding oil prices and job security in the city
- 83% of sales were completed by local buyers, 14% national and 3% international
- The average time taken by the Aberdeen office to sell property was nine weeks, with the quickest sale conducted in just a week
- 33% of purchases were made by cash buyers
- Increase in the number of high end properties on the market (£400K +) due to the LBTT
The firm has asserted that the new tax system in Scotland, the Land and Buildings Transaction Tax (LBTT), should not put potential buyers from outside Scotland off, the local office’s sales teams are highly experienced in guiding buyers through the process. During the first quarter of the year nearly 10% of the firm’s sales were completed by international buyers with help from the firm’s friendly teams.
CKD Galbraith’s Aberdeen office recently marketed a spacious top floor flat, enjoying a quiet yet central location in the city centre. 42 Cadenhead Road is currently under offer but was on the market for offers over £132,500; meaning it falls under the £145,000 threshold for LBTT and the purchaser will save over £1000 in stamp duty.
Mill of Skelmuir is another beautifully appointed Aberdeenshire property. Designed by George Taylor Design Services this former water mill range has been fully converted to provide an exceptional six bedroom family home. Standing in large grounds extending to approximately 4.6 acres, the property really benefits from its stunning rural location in Mintlaw, Peterhead.
Completed in 2012 to exacting standards this large family home is currently separated by a blocked doorway to provide two spacious homes. It would be very simple to remove the partition to provide one family home or alternatively keep the current layout to provide either a separate Granny wing or excellent rental potential could be given from either property.
Mill of Skelmuir is currently on the market for offers over £460,000. For further information please contact CKD Galbraith’s Aberdeen office on tel: 01224 860 710.