Moray Property Market Boosted By Coastal Hot-Spots
The Moray property market is holding steady with strong demand for properties on or near the coast.
Findhorn and other coastal areas, especially the pretty fishing villages of Cullen, Portknockie and Findochty, are among the hot-spots for the region.
The latest figures compiled by Galbraith indicated another strong quarter in terms of residential activity for the firm’s Elgin office, with an 8% increase in the number of properties being brought to the market, compared to the same quarter of 2016.
Prospective buyer activity also rose, with a 13% increase in applicant registrations compared to the same quarter last year. There was also a 44% increase in the number of viewings conducted during the three-month period ending 30 September 2017, compared with the same quarter of 2016. Rod Christie, head of residential sales for Galbraith at the Galbraith Elgin office, said:
Moray represents good value for money compared with many other parts of Scotland and the rest of the UK. With the favourable climate and lovely rural and coastal scenery adding to its appeal for buyers from other areas. Properties priced below £350,000 are selling well, particularly those with land and for some we have managed to secure good offers within just a few days.
Increased demand from buyers is resulting in a shortage of high quality housing priced at or below £350,000. Buyers are ideally looking for a home in good condition, in a scenic area and which is accurately priced. Properties in higher price brackets may take longer to sell, with Land & Business Transaction Tax being a significant factor as values increase.
The lettings department for Galbraith in Elgin has also experienced a successful third quarter. Sarah Hazzard, head of lettings in Moray and the Highlands for Galbraith, commented:
We have registered 50 new applicants this quarter looking for a high-quality rental property. The lettings market in Moray is very buoyant indeed. Our average time taken to find tenants for a property is just 21 days and we are letting some properties before they even come on the market. This is because of our unrivalled ability to match properties with prospective tenants registered with us.
The Scottish Government will introduce its new code of practice and mandatory register for letting agents from 31 January 2018 to improve standards within the sector. Key individuals within a lettings agency must meet a minimum level of training and have the adequate qualifications by September 2018, otherwise they will not be able to continue letting properties. It is therefore advisable to choose a lettings agency that fully complies with the new legislation before it comes into force at the start of next year.
Galbraith already has agents qualified to the highest level and Sarah Hazzard in the Galbraith office in Elgin has already completed her lettings compliance training.
Currently for sale through Galbraith:
Tochieneal House and Cottage, near Cullen, Moray. Guide Price £675,000
Tochieneal House is an elegant six-bedroom Georgian farmhouse with swimming pool, which has been renovated recently. The house is for sale together with a more recently built detached two-bedroom cottage in the grounds. Tochieneal is situated in an easily accessible rural setting near the popular village of Cullen.
Currently to let through Galbraith:
26 King Street, Burghead, Elgin. To let for £650 PCM
A three-bedroom former fisherman's cottage located in a popular coastal village. Accommodation comprises sitting room, kitchen, bathroom and three bedrooms.