Scottish Estate Market Has Proved Its Resilience During 2016
The prime property market has seen a robust year, with a number of national and international buyers committing to buying estates in Scotland.
To date 17 estates have been sold throughout Scotland for a combined value of over £75 million, amounting to a ‘surprisingly normal’ year of trading.
The political uncertainty wrought by Brexit appears not to have taken its toll on the volume of sales, nor on the total sales value, unlike during the Scottish Independence Referendum of 2014 when only seven estates changed hands.
CKD Galbraith has been involved with more than 65% of all Scottish estate sales this year, assisting clients with either selling, buying or valuing both on and off-market.
Over a third of all the estates sold were off-market and had a total price of £36 million.
Anna Henderson, of CKD Galbraith’s Premium Property Department, commenting on the increasing number of private sales taking place across Scotland, said:
At the start of the year we forecast that if the European Referendum was to have an effect, it would be to reduce the number of estates offered on the open market, and this has indeed proved to be the case. Generally this is due to nervousness in sellers that buyers won’t surface on the open market.
Premiums over the asking price have remained at an average 13% - close to last year’s average – but the range has in fact been from 21% less than the asking price to a staggering 92% over.
We continue to work with a number of buyers from England, Europe and worldwide who have an appetite for Scottish property. We have also witnessed high demand from those who already own land in Scotland, testament to the fact that they too remain optimistic about the future of land ownership here.
Scotland remains a mecca for those looking for natural beauty, affordability and privacy. The country is arguably the last true wilderness in Europe and its land represents extremely good value for money.
With limited new stock coming to the market, buyers can greatly enhance their chances of success if they use an agent to help them, a fact that frustrated under-bidders and those who missed out entirely on private sales, are starting to recognise.
To speak with CKD Galbraith’s Premium Property department please call 0131 240 6988.