High Demand for City Properties In Inverness as Highlands look set for Healthy Market
The Inverness 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 property sales concluded through the Inverness office rise by an impressive 100% compared to the same quarter last year. Buyer interest was also significantly up with a 14% increase in property viewings across the region.
Phiddy Robertson, from CKD Galbraith’s Inverness office, said: "Inverness has experienced an increased demand for high quality city properties with a high number of local buyers looking to move up the property ladder. I’m confident that our established team has an unrivalled advantage in the local market to be able to secure and sell a wide range of properties. We've recently had three properties sold with competitive closing dates, all of which received offers in excess of the asking price."
"The statistics demonstrate a healthy market and we forecast this is likely to continue throughout the spring and summer months."
CKD Galbraith’s Inverness statistics from the first quarter also show:
- 36% of sales were completed by local buyers, 57% national and 1% international
- Sales figures increased by 100% this quarter in comparison to the same quarter of 2014
- 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 Inverness office is currently marketing an exceptional family house and converted former steading now used as a popular holiday let. Redburn House & Steading are set in an attractive and easily accessible location close to the seaside town of Nairn on the Moray coast. Redburn House is a delightful traditional farmhouse, the property has been extended and modernised to create a delightful family home with a spacious and light-filled interior with well-appointed and versatile accommodation.
Redburn Steading, which lies a short distance from the main house, is in its own enclosed grounds and was converted by the current owners for use as a holiday cottage. It is now an established holiday let providing a useful annual income and with opportunity to extend the current letting season.
Redburn House & Steading are currently on the market for offers over £635, 000. For further information please contact CKD Galbraith’s Inverness office on tel: 01463 224343.
The Highlands lettings department has also had a very successful first quarter with a steady rise in both the number of rental properties available and the level of demand for high quality lets in the region.
Flora Badger, who manages CKD Galbraith lettings in the Highlands, said: "The number of rental properties available in the region increased by 15% compared to the same quarter in 2014. Viewings also increased by 44% in comparison the last quarter and applicant registrations with the firm’s Inverness and Elgin offices rose by 46%."
"It’s a very promising start to the year as demand usually outstrips supply and competition is strong for good rental properties. We've also witnessed high demand for modern and energy efficient properties as well as large farmhouses and rural properties. This is perhaps due to the continuing trend in the rental market for families to rent larger properties for longer periods rather than entering into a mortgage. Tenants are no longer looking for short-term properties to rent for just a few months but longer-term more homely properties."