Residential Sales - Summer 2009 Update

26 July 2009

The re-appearance to the Scottish property market in recent months of the once common "closing date" has come as a clear signal that the market is improving...

The re-appearance to the Scottish property market in recent months of the once common “closing date” has come as a clear signal that the market is improving from the nadir of autumn 2008. All CKD Galbraith offices are now reporting increased buyer activity, with the number of enquiries, viewings, offers and sales significantly up since the start of 2009, although prices being achieved are generally back, in some areas by as much as 20% from where they were two years ago.

With the new Home Report system now starting to bed-in well, quality properties which are carefully priced, well presented and have the advantage of a good location are attracting interest. Woodside of Tulliemet near Pitlochry which recently sold well at around the guide price and 6 Wardlaw Gardens in St. Andrews which settled within three weeks of an offer being received are two good examples of this trend. Buyers now seem to want to get on with their lives and this has unlocked the near “standstill” of late 2008.

Of the sales reported this year, the bulk of activity across the offices has been in the mid market £350,000 - £750,000 range rather than the top end where there has been a shortage of quality houses and estates available. That said, several estates marketed by CKD Galbraith have attracted offers this year, with the Inverness office having had three major estate instructions go under offer already in 2009.

Looking forward to the autumn and spring of 2010 there is a cautious optimism that the market will continue to regain momentum. Indeed, based on present activity, there is a chance that demand will start to outstrip the current limited supply of houses coming to the market, with a likely shortage of quality stock bringing with it the prospect of a return to a sellers’ market.

If you would like to talk to any about selling or buying a property then please do not hesitate to get in touch with our residential teams, located throughout Scotland.

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