Rail Link Increases Interest In Commuter Towns And Helps Borders Property Market
The Scottish Borders property market has had a flying start to the year with encouraging levels of demand and high quality property coming to the market, and an increase in property viewings, according to CKD Galbraith.
2014 was a year of steady growth for the Scottish property market and CKD Galbraith’s statistics from the first quarter of 2015 suggest that this trend is set to continue with the firm’s overall sales up 24% compared to the same period last year. As the traditional spring selling season commences the firm’s offices across Scotland are generally reporting rising levels of buyer confidence and activity.
CKD Galbraith research reported that the first quarter of 2015, from January to March, saw the number of property sales and new properties coming to the market through the firm’s Kelso office remain promisingly high. Buyer interest was also significantly up with a 25% increase in property viewings across the region compared to the same quarter last year and a 15% rise in registrations with the office in comparison to the last quarter.
Alex Inglis, head of residential at CKD Galbraith’s Kelso office, said: "The Borders has experienced an increased demand for high quality properties with a high number of national buyers looking to relocate to the popular commuter towns and villages. I’m confident that our established team has an unrivalled advantage in the local market to be able to secure and sell a wide range of properties."
"The reinstatement of the Waverley Rail Link between Tweedbank/Galashiels and Edinburgh does now appear to be helping the local property market with increased interest being shown in properties in and around Tweedbank and Galashiels."
"To have a renewed rail link with Edinburgh will be beneficial to the local property market and should help to attract buyers and letting tenants who wish to take advantage of the attractions of the Borders as a place to live and raise a family whilst being within a comfortable commute of Edinburgh."
"The statistics demonstrate a healthy market and we forecast this is likely to continue throughout the spring and summer months."
CKD Galbraith’s Kelso statistics from the first quarter also show:
- 54% of sales were concluded by local buyers from the Borders, 42% national and 4% international
- The average time taken by the Kelso office to sell properties was 2-3 months with the quickest sale of the quarter concluded in just four days
- Increase in the number of high end properties on the market (£400K +) due to the LBTT
- Well located, traditional rural properties continue to sell well - particularly if they have some additional land for equestrian use
The firm has asserted that the new tax system in Scotland, the Land and Buildings Transaction Tax (LBTT), should not put potential buyers from outside Scotland off, the local office's sales teams are highly experienced in guiding buyers through the process. During the first quarter of the year nearly 10% of the firm’s sales were completed by international buyers with help from the firm’s friendly teams.
CKD Galbraith’s Kelso office is currently marketing Viewfield in Bowden, near Melrose. This tremendous family home enjoys extensive southerly outlooks towards Peniel Heugh and the Cheviots and has three reception rooms and six bedrooms (five en suite).
Viewfield is currently on the market at a guide price of £575,000. For further information please contact CKD Galbraith’s Kelso office on tel: 01573 224 244.
The Scottish Borders lettings department has also had a successful first quarter with a steady level of rental properties coming to the market and strong demand for high quality lets in the region. Susan Guthrie, who manages CKD Galbraith lettings across the Scottish Borders from the firm’s Galashiels office, said: "It’s a very promising start to the year as demand usually outstrips supply and competition is strong for good rental properties."
"We’ve also witnessed high demand for modern 3-4 bedroom properties as well as large farmhouses and rural properties. This is perhaps due to the continuing trend in the rental market for families to rent larger properties for longer periods rather than entering into a mortgage. Tenants are no longer looking for short-term properties to rent for just a few months but longer-term more homely properties."