Moray Property Market Continues To Flourish
Residential sales in the Moray property market continue to thrive with healthy levels of competition in the marketplace.
During the first three months of 2017 the firm’s regional office based in Elgin experienced a 44% rise in the number of property sales compared to the same period of 2016. Prospective buyer activity was also boosted with a 24% increase in property viewings and a 21% increase in applicant registrations compared to the previous quarter.
However, despite the surge in sales and buyer confidence, demand continues to outstrip the supply of high quality, accurately priced homes coming to the Moray market.
Rod Christie, head of residential sales for Galbraith in Moray, said:
The first quarter of this year has shown very promising levels of demand and the market has been buoyed by high levels of interest from prospective buyers. A trend we expect to see continuing into the coming summer months.
Despite the upcoming national election demand remains high and competition is extremely common when good quality homes in prime locations come onto the market. Sellers considering moving during the summer are now in a prime position to achieve good offers.
For example, the Elgin residential team recently handled the sale of Pinebank in Forres, a stunning five bedroom house on St Leonards Road which sold after only 15 viewings while achieving 3% over the asking price.
Elgin’s lettings department has also had a successful first quarter with demand remaining high for all types of rental properties. Sarah Hazzard, head of lettings in Moray and the Highlands for Galbraith, commented:
The rental market in Moray has shown encouraging signs and healthy growth since the start of the year. Both town properties and rural cottages continue to be in high demand and many are let before coming on the market.
As we progress into a more heavily regulated lettings sector we fully expect to see a rise in the number of landlords seeking professional advice and assistance. All letting agents at Galbraith are fully accredited and offer excellent local knowledge coupled with unrivalled market experience.
Galbraith operates a network of regional offices across Scotland and figures for the firm as a whole during the last quarter of 2017 show a rise in sales of 7% compared to the same period in 2016, with 19% more properties being brought to the open market and 49% more applicant registrations. This activity equated to £47 million worth of property sales being handled by the firm over the past quarter alone.