High Demand Keeps Edinburgh Property Market Buoyant
The Edinburgh residential property market has experienced a strong start to the year with a boost to sales and an increase in buyer activity.
During the first three months of 2017 the firm’s office at George Street in Edinburgh city centre has seen an increase in the number of viewings of 11% compared to the previous quarter.
However, despite this surge in prospective buyer activity, demand continues to outstrip the supply of high quality houses and flats coming onto the Edinburgh and the Lothians’ property markets.
James Carnegy-Arbuthnott, residential sales consultant at the Galbraith Edinburgh office, said:
Central Edinburgh property is traditionally very resilient to outside forces. Despite the upcoming national election, Brexit, and a possible Indyref 2, demand for flats and houses priced up to £750,000 is high and sellers should not be worried about marketing their homes.
High demand is fueling strong competition and closing dates for offers are not unusual with prices often exceeding Home Report values. Sellers thinking about moving during the summer are now in a prime position to achieve good offers.
Galbraith operates a network of regional offices across Scotland and figures for the firm as a whole during the last quarter of 2017 show a rise in sales of 7% compared to the same period in 2016, with 19% more properties being brought to the open market and 49% more applicant registrations. This activity equated to £47 million worth of property sales being handled by the firm over the past quarter alone.