Highland Property Market Experiences Strong Buyer Competition
CKD Galbraith has continued to experience high levels of demand and activity across the Highlands.
During the third quarter of 2016 (July – September) the firm’s Inverness office experienced a 33% increase in property sales compared to the previous quarter of the year and witnessed a noticeable spike in interest for homes on the West coast of Scotland.
There is a strong appetite from property buyers in the Scottish Highlands and buyers continue to be confident and decisive with their offers. Over the last quarter 67% of buyers came from outside of the region demonstrating the area’s desirability to professionals, families and in particular, second home owners.
Interestingly, around a quarter of all sales have been achieved by the first viewers of the property as a result of our carefully managed applicant database, ensuring that the right people are matched to the right property. This helps to ensure we have a high level of successful sales which often conclude at a competitive closing date.
The experienced residential sales team in Inverness has recently handled the sale of Alavik Lodge and Cottage on the Isle of Skye. This striking ‘beach house’ style property went under offer in excess of the asking price a mere two weeks after appearing on the market.
Activity in the lettings market has also remained similarly healthy reports Flora Badger, CKD Galbraith’s lettings agent for the region. She explains:
Lettings in the Highlands has remained healthy with a 22% increase in the number of lets handled by our team in Inverness in comparison to the previous quarter of the year. The number of rental homes on the Highland market has also risen by 30% compared to the previous quarter.
We have witnessed a noticeable trend in prospective tenants from the rest of the UK and overseas looking for high quality property to let. 55% of tenants over the last quarter came from outside the region and 18% from overseas. Such tenants are often keen to move to the beautiful Highlands but aren’t in a rush to buy and would like the flexibility of letting until the perfect property becomes available.
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.