Moray Quarter 3 2013 Property Review

7 November 2013

CONFIDENCE CONTINUES TO GROW IN MORAY PROPERTY MARKET

The Moray property market continues to show encouraging levels of activity according to new statistics released by CKD Galbraith.

Following research conducted by the firm’s Elgin office, the quarter three period from July to September 2013 saw property sales rise when compared with the previous quarter whilst viewings and the number of buyers registered with the firm also grew significantly.

Rod Christie, partner in CKD Galbraith’s Elgin office, said: “Market confidence has been growing throughout the year and we have seen increasing willingness from buyers and sellers to make their next move. The statistics demonstrate an improving picture for the market and we forecast this is likely to continue into next year.”

CKD Galbraith Elgin statistics from quarter three show:-

  • Sales up by 28% against Q2 2013 but broadly unchanged compared to Q3 2012
  • Viewings up by 54% compared to Q2 2013 (and up by 7% on Q3 2012)
  • The number of buyers registered with the firm up by 83% compared with Q2 2013
  • 89% of buyers are locally based; 11% are international buyers

CKD Galbraith’s sales teams operating across the whole of Scotland handled in excess of £400million worth of property (2012/13 financial year) ranging from cottages and conversions to country houses, farms and estates.

Rod continued: ““There are buyers out there willing to purchase and across the year so far, we’ve seen an increase in viewings and registrations this year.  However, realistic pricing is still imperative in today’s market. Those properties with prudent guide prices are the ones witnessing more activity.

“In Moray we are seeing good levels of demand for quality townhouses, properties overlooking the sea and country houses and cottages below the £250,000 stamp duty threshold. We are encouraged by this activity, and on other property types as well, that demonstrates that the market is continuing to steadily improve.”

There has also been a good level of activity in the Elgin and Morayshire lettings sector with results for the firm over quarter three of 2013 indicating continued growth in the market. The highlights include:

  • Double the number of properties let this quarter compared to Q3 of 2012 
  • An increase in the number of properties available for rent compared to the same quarter last year – up 90%
  • Rental property viewings are up by 83% on Q2 2013 and up by 67% on Q3 2012 figures
  • A three-fold increase in the number of those actively seeking a rental property on the previous quarter of 2013 and a 78% increase on the same quarter in 2012
  • Average rental price is £650pcm – up from £600pcm for the same quarter last year
  • Average length to rent out a property is 31 days whilst it took 72 days this time last year
  • All tenants this quarter are locally based

Scott Holley, of CKD Galbraith’s Elgin office, said: “We are greatly encouraged by our findings for quarter three of this year which show continued strength in the Morayshire lettings sector with a significant increase in the number of people seeking a rental property in the area.

“Two to four bedroomed family properties in the £500pcm to £800pcm price bracket are in most demand. We are finding that people are renting as they are still struggling to get on the property ladder as well as those relocating or choosing to rent as a lifestyle choice.”

CKD Galbraith Elgin has recently launched local Facebook and Twitter pages providing followers with updates, news and information on the local residential property market. To be the first to know about new properties available for sale and to let in the area like and follow us at facebook.com/CKDGalbraithElgin and twitter.com/Elgin_CKDG

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