The Scottish Borders Property Market is set for a Healthy 2015
CKD Galbraith believes the outlook is optimistic for 2015, following a successful year in 2014; with encouraging levels of activity in the property market throughout Scotland and a return to competitive bidding.
The fourth quarter of 2014 (October – December) saw property viewings, sales figures and the number of high quality properties available in the Scottish Borders continued to grow according to new research conducted by the firm’s Kelso office. Despite the slowdown during the referendum the market bounced back in November and confidence returned along with English and international buyers.
CKD Galbraith’s Scottish Borders statistics from the final quarter of 2014 show:
- The number of sales concluded by the Kelso office has increased by 24% compared to the final quarter of 2013
- Property viewings in the Scottish Borders was up by 26% in comparison to the same period the previous year
- 54% of buyers were locally based; 42% were national buyers; 4% were international buyers
- On average properties in the borders are selling four weeks quicker than they did over the third quarter of 2014
Alex Inglis, head of residential at CKD Galbraith’s Kelso office, said:
“As expected the high levels of buyer interest and new registrations in the third quarter translated into action and successful transactions in the final quarter. We have seen many very encouraging signs with increased registrations, viewings and sales allied to a fall in the average time taken to sell.
“There has also been a rise in the average sale price from £225, 000 in quarter three up to £260, 000, this can be attributed to the increasing number of high value properties that have come to the market in the region. The market is very aware of the upcoming changes to stamp duty that will occur from April onwards and there is a growing desire to see transactions for high-end properties completed before then. The first quarter of 2015 is off to a very healthy start and we can’t foresee reasons why sales in the Scottish Borders will slow down anytime soon.”
CKD Galbraith’s Galashiels lettings department have also experienced a positive fourth quarter.
Susan Guthrie, head of lettings in the Galashiels office, said:
“There has been a continued strength in the Scottish Borders rental sector; Galashiels and the surrounding villages remain hot spots for Edinburgh commuters with high demand for one bedroom flats and ex-local authority houses with three bedrooms or more. Both the number of successful lets and the number of properties available to let has increased over the final quarter.
“We have also witnessed a dramatic decrease in the time taken to let properties, the average time taken during the third quarter was 6-12 weeks but during the final quarter this fell to 4-6 weeks. Demand for high calibre lets continues to create a very competitive lettings market across the Scottish Borders. However, similar to the rest of Scotland young professional who now remain in the rental market for longer rather than buying are increasingly particular in what they’re looking for in a property – often seeking a ‘home’ rather than a short term lease or stop-gap.”
CKD Galbraith operates a network of regional offices located throughout the country and has enjoyed good growth over the last year. The firm as a whole experienced a 24% increase in the number of sales in the final quarter of 2014 compared to the third quarter. As well as the improvement in sales figures, there was also a 23% increase in the number of viewings against 2013’s figures for the final quarter.
Throughout 2014, CKD Galbraith handled property in excess of £375million covering property throughout the whole of Scotland. Prices achieved for all properties sold by the firm during 2014 were, on average 1.54% over the asking price, highlighting the firm’s unrivalled local knowledge of the market and expertise in setting prudent valuations.