Galbraith is reporting on its latest quarterly statistics for the period (Jan – March) which saw the number of property sales completed by the firm in Castle Douglas increase by 13 percent on the same three months of 2018. Galbraith also brought 6 percent more properties to the market compared to the same period a year ago.
Galbraith conducted 51 percent more viewings, three and a half times more market appraisals and 33 percent more applicants registered with the firm this quarter compared to the previous three months.
David Corrie, who leads the firm’s Castle Douglas office, said:
The property market throughout Scotland continues to show signs of positivity. Despite what may be perceived as challenging trading conditions overall, the premium property market in Dumfries & Galloway continues to perform well with healthy competition amongst buyers.
Performing particularly well are smallholdings and lifestyle properties with a few acres of land, likewise properties with a great view and those with amenity woodland.
We are beginning to see a shortage of stock emerging at a time when we have willing buyers and it may be that some sellers are withholding coming to the market due to impressions of uncertainty.
What I would say to hesitant sellers is that we are experiencing an active and normal market at present and now is the best time of year to take advantage of it.
Of those who purchased a property through Galbraith in Dumfries & Galloway during this quarter (Jan – March), 42 percent were Scottish, 53 percent were from the rest of the UK and 5 percent were international buyers.
The average price achieved for properties sold by the firm in the area remained steady with this time last year, sitting at £281,689 and the time taken to sell fell by around a quarter.
For Galbraith across Scotland, sales were up 16 percent year-on-year for the period 1st January to 31st March 2019. On average the firm handles £54 million worth of property sales per quarter for Scotland as a whole.
Highlighting the positive activity in the Dumfries & Galloway market, Galbraith recently sold Capenoch Croft near Whauphill, Newton Stewart, at a competitive closing date with an offer accepted over the £360,000 asking price. Capenoch Croft is a delightful 30-acre smallholding with a two-bedroom cottage and attracted a lot of interest from lifestyle buyers.
The residential lettings market in Dumfries & Galloway is also extremely buoyant with Galbraith handling a good share of both the market’s managed and let only properties.
Aaron Edgar, lettings manager for Galbraith in Castles Douglas said:
The lettings market is very active and as such we don’t have enough stock of good quality rental properties to meet demand. We handled three times as many lets this quarter compared to the previous quarter and conducted twice as many tenant viewings.
This activity is testament to our strong database of prospective tenants eager to move when the right property comes up. It is very much a landlords’ market and they should be encouraged by the stability currently presented in the private rental sector.