Increasing Demand For Rural Property In Scottish Borders
Property sales in the Scottish Borders have remained healthy over the last three months according to CKD Galbraith, who are reporting strong demand for attractive rural properties, particularly if they have additional land for a horse, or horses.
During the second quarter of 2016 (April–June) the firm’s Kelso office handled a healthy number of property sales and brought 17% more properties to the market compared to the previous quarter.
There was also notable interest from across the UK with potential English based buyers viewing the Scottish Borders as an attractive place to live with property in the region representing excellent value for money - 36% of buyers last quarter were national.
Alex Inglis, head of residential sales at CKD Galbraith’s Kelso office, said:
Our figures indicate a positive level of activity in the Scottish Borders property market. Rural properties with additional land continue to attract healthy competition both locally and nationally.
Prospective buyer activity also contributed towards a healthy property market in the Scottish Borders. Twice as many potential buyers registering with us over the last quarter compared to the first quarter of the year.
The average selling price achieved by our team in Kelso was up 28% on the first quarter of 2016, reflecting the good quality properties that we have been instructed to sell across the region. Whilst we witnessed some seller and buyer hesitancy in the lead up to the EU Referendum this has largely disappeared over the last month.
The Scottish Borders lettings market has also achieved a healthy increase in the number of properties let across the region.
Susan Guthrie, CKD Galbraith’s lettings manager for the region, commented:
The number of properties the Galashiels office has let this quarter has more than doubled compared to the first quarter of the year. Whilst the supply of rental properties in the area has been steady it continues to be far behind the level of high demand we are experiencing.
Throughout the first six months of 2016 there has been a noticeable change in tenant and potential tenant’s outlook. Those moving into the region are happy to rent for longer periods if looking to purchase a house in the area. We have also experienced four different tenants relocating to larger properties through CKD Galbraith as their family has grown or because they have decided to rent long term and want a house that caters to all their needs. This reflects a wider trend in the lettings sector and the growing popularity of letting as tenant’s value the flexibility renting provides.
CKD Galbraith operates a network of regional offices located throughout the country and figures for the firm as a whole during the second quarter of 2016 demonstrate the resilience of the Scottish market and appeal to buyers from across the UK, despite the uncertainty of Brexit.
The firm has reported a 17% increase in the volume of sales achieved compared to the same period last year, with national buyers accounting for 41% of total sales, reflecting Scotland’s lifestyle appeal and more affordable property prices.