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Highland Quarter 3 2013 Property Review

CONFIDENCE CONTINUES TO GROW IN HIGHLAND PROPERTY MARKET

The Highland property market continues to experience somewhat slow but encouraging levels of activity according to new statistics released by  CKD Galbraith.

Following research conducted by the firm's Inverness office, the quarter three period from July to September 2013 saw viewings and the number of properties for sale rise although the number of actual sales remained broadly unchanged.

John Bound
, partner at CKD Galbraith's Inverness office, said: "Market confidence has been continuing to grow, albeit slowly, throughout the year and we have witnessed increasing willingness from buyers and sellers to make their next move. The statistics demonstrate an improving picture for the market and we forecast this is likely to continue into next year."

CKD Galbraith Inverness statistics from quarter three show:-

  • Sales static against the previous quarter and Q3 2012
  • Supply of houses listed for sale up by 4% on the previous quarter
  • Viewings up by 23% compared to Q3 2012 (and up by 84% against the previous quarter of this year)
  • The number of buyers registered with the firm up by 5% since the last quarter
  • 29% of buyers are locally based; 57% are national buyers; 14% are international buyers

CKD Galbraith's sales teams operating across the whole of Scotland handled in excess of 400million worth of property (2012/13 financial year) ranging from cottages and conversions to country houses, farms and estates.

John continued: "There are buyers out there willing to purchase and across the year so far, we've seen an increase in general market activity.  The average number of viewings each property receives before it is sold is up significantly this year, with more people browsing which suggests a good prognosis for the market going forward.

"However, realistic pricing is still imperative in today's market.  Those properties with prudent guide prices are the ones that are selling.

"In The Highlands we are seeing good levels of demand for rural properties below 500,000 with an increasing number being sold at a closing date. This revived activity is encouraging and demonstrates that the market is indeed continuing to steadily improve."

There has also been a good level of activity in the Inverness lettings sector with results for the firm over quarter three of 2013 indicating continued growth in the market. The highlights include:

  • The number of properties let this quarter has remained the same to Q3 of 2012 
  • An increase in the number of properties available for rent this quarter compared to the previous quarter this year up 10% and up 6% on last year's Q3 figures
  • Rental property viewings are up by 3% on Q2 2013
  • Average rental price is 780pcm which is up from 745 for Q2 of 2012
  • Average length to rent out a property is 31 days whilst it took 72 days this time last year
  • 36% of tenants are locally based; 55% national; 9% international

Flora Badger, of CKD Galbraith's Inverness office, said: "We are greatly encouraged by our findings for quarter three of this year which show continued strength in the Inverness lettings sector with an increase in the number of new properties available to rent and a rise in rental property viewings.

"At this time of year we tend to experience more properties coming onto the market where landlords with holiday lets look to rent out their properties over the winter period, as well as a number of properties still coming onto the rental market where owners are struggling to sell. Of notable interest is the increase in enquires we have received over the autumn period from students as the Inverness College UHI is becoming established."

CKD Galbraith Inverness has recently launched local Facebook and Twitter pages providing followers with updates, news and information on the local residential property market. To be the first to know about new properties available for sale and to let in the area like and follow us at facebook.com/CKDGalbraithInverness and twitter.com/inverness_ckdg