High Demand For Edinburgh Property Is Resulting In An Increase In Competitive Closing Dates
The level of high quality property sales up to half a million pounds has reinforced confidence in the Edinburgh property market, with strong demand from local buyers.
The firm’s Edinburgh office has witnessed a very active market in the £500,000 – £600,000 bracket in the city centre in particular. Properties up to the £250,000 price tag in both Edinburgh and its surrounding rural towns are also selling extremely quickly with a high number achieving premium prices.
Despite the uncertainty caused by Brexit, the property market in Edinburgh and the Lothians has remained buoyant and there is strong demand from owner-occupier buyers locally. Additionally, in comparison to a year ago, property is presenting greater value for money given the low value of the pound and as such we are witnessing an increase in interest from overseas investors keen to secure prime Edinburgh property.
This is reflected in our sales figures for this quarter which are up 10% on the same quarter of 2015. The majority of our sales have been in the middle tier of the market where demand is high and the majority of properties have sold at a competitive closing date.
Viewings conducted by the Edinburgh residential team were up 62% this quarter (July – September) compared to the previous quarter of the year and the number of potential buyers registering with the office rose by 20% over the same period.
There is a lack of good quality stock coming onto the market and there is demand for properties at all price points, with buyers willing to act fast and pay a premium to secure the right property.
Although the prime property market has been slower over the past 12 months, there is still a healthy level of appetite from local buyers in Edinburgh, as well as from the rest of the UK, with 19 sales of £1m and above completing in Edinburgh between July and September this year. We have been working closely with our colleagues in our premium property buying department to facilitate a number of introductions to properties that are not on the open market but where sellers are interested to engage in dialogue if the right deal could be agreed.
The Edinburgh office recently sold a three bedroom penthouse apartment on Thistle Street in Edinburgh’s New Town. It attracted more than 30 viewings and received nine notes of interest before being sold for 10% above the asking price.
CKD Galbraith operates a network of regional offices located throughout the country and figures for the firm as a whole during the third quarter of 2016 illustrates its ability to market and sell high quality houses drawing buyers from across the UK and beyond.
The firm has reported a 30% increase in the volume of sales achieved compared to the previous quarter of 2016. Local buyers from across Scotland accounted for 58% of sales during the third quarter, whilst 37% came from across the rest of the UK and 5% were international buyers.