The Inverness-shire property market appears in part to be benefiting from the success of the NC500 tourist route. Sales of properties handled by the firm's Inverness office are up by 50% for the quarter ending 30 June 2017, compared with the preceding quarter. Prices for properties sold in the region are on the increase, compared with both the preceding quarter and the same quarter one year ago.
John Bound, a partner with Galbraith, said:
The second quarter started slowly but then improved significantly and by the end of June we had received a number of good offers.
Our experience is that good quality, accurately priced property tends to sell relatively quickly, especially properties priced at 650,000 or below. The new LBBT (Land and Building Transaction Tax) is undoubtedly still having a detrimental effect at the top end. The most sought-after houses are those with some land, in a rural area and the city of Inverness itself is proving popular. Hot-spots include the West Coast and areas within a 20-mile radius of Inverness, as well as the Cairngorm National Park. We are optimistic for the rest of this year.
The NC500 route has reached a huge audience, with thousands of followers on social media, countless articles in the press and 50,000 copies of the tourist map sent out. This has undoubtedly raised awareness of the beauty of the north of Scotland and anecdotally has had an influence on the number of people wishing to relocate to Inverness-shire from other parts of Scotland and the UK. Amongst our customers we have seen an increase from 25% in the preceding quarter to 33% this quarter in terms of buyers relocating to Inverness-shire and the Highlands from other parts of the UK. Their main reason for moving here is quality of life.
Across Scotland as a whole Galbraith has seen a healthy 10% increase in sales for the quarter ending 30 June 2017, compared to the same period in 2016. The firm handled over 42 million worth of property sales over the past quarter alone.
Currently on the market with Galbraith in Inverness are the following properties:
Coulnakyle is a handsome, B listed Georgian house of historical significance in Nethy Bridge with 2 acres of land. Offers Over 550,000.
Balcarse Farm is a desirable small holding extending to 54 acres with farmhouse, stables, indoor and outdoor riding areas. The property includes 19 stables and some 40 acres of pasture, providing an excellent equestrian business opportunity. Offers over 575,000.
Kilmorack House and Cottage can be acquired as a whole or is available in two lots. Kilmorack House is a substantial 5-bedroom house and the 2-bedroom cottage offers holiday or long-term letting potential. Both properties are beautifully presented. Offers over 615,000 for the whole.