The Moray Property Market Maintains Momentum

Despite the uncertainty caused by the Scottish referendum during the summer months CKD Galbraith have released new statistics showing that the property market maintained momentum and interest.

Following research conducted by the firm's Elgin office, the third quarter of 2014 (July September) saw property sales in the region rise compared to the previous quarter, as well as a significant rise in the number of viewings and properties available through the Elgin office.

CKD Galbraith Elgin statistics from the third quarter of 2014 show:- 

  • Viewings have increased by nine per cent compared to the same period last year
  • The number of CKD Galbraith properties on the market compared to the third quarter of 2013 has increased by seven per cent
  • 45 per cent of buyers were locally based; 55 per cent were national buyers
  • The average time taken to sell property in Moray was six weeks quicker than the previous quarter; the quickest sale during the third quarter this year was just one week

Rod Christie, partner and head of residential at CKD Galbraith's Elgin office, said:

"The last business quarter proved to be busy and productive, despite the uncertainties surrounding the referendum. We have continued to experience an increase in volume of sales, especially below say 350,000, with values remaining fairly steady. We often see a surge in activity in the autumn as buyers and sellers seek to tie up deals before the Christmas slow down and we expect further growth in the months to come as confidence returns to the market.

"The region is also becoming increasingly attractive to young people with its accessibility to and from the rest of UK and Europe improving. Flybe only recently announced expanding flight numbers and new routes to and from Inverness which will help to further enhance the areas appeal."

There were also positive signs in the Moray lettings sector.

Scott Holley, lettings manager at CKD Galbraith's Elgin office, said:

"The Moray rental sector has continued to grow in the third quarter with the number of lets and viewings rising significantly. There are still high levels of interest from local people and those from all parts of the UK seeking modern two to three bed properties but there is still also a shortage of such homes in Elgin to meet the high levels of demand." 

CKD Galbraith operates a network of regional offices located throughout the country and has enjoyed good growth over the last year which it expects to continue into the final quarter of 2014.

If you are interested in selling or buying a property in the Moray region, please do not hesitate to get in touch with our Elgin estate agency team