Scottish Property Market Continues To Flourish
CKD Galbraith is reporting impressive year on year growth within its residential sales department with latest figures (Oct 2014 against Oct 2015) showing a dramatic increase in the number of properties sold and average sales value.
The firm’s figures support the latest findings from Registers of Scotland’s monthly property report (Oct 2015), released this week. Registers of Scotland have reported a higher average sale price of £165,901 for the whole of Scotland during the month of October this year, whilst the total number of sales completed reached 9,416, up 10% compared to sale figures for October 2014.
CKD Galbraith’s own figures surpass these national findings with the number of properties sold by the firm during October 2015 up by 38% compared to the same month of the previous year. The total value of property sold in the month was up 60% year on year.
CKD Galbraith has attributed such healthy growth to a number of factors with sensitive pricing, high quality property and effective marketing being key ingredients for ensuring sales figures grew steadily.
Overall the Scottish market performed well however CKD Galbraith’s Edinburgh and Borders offices experienced particularly strong growth.
Alex Inglis, head of residential sales at the firm’s Kelso office, commented:
We expected the re-opening of the Borders Railway to lead to an increase in market activity. The railway has undeniably made Scotland’s capital city more accessible for commuters in the Borders and as such we have experienced increased buyer interest in the towns and villages close to the new line’s stations, such as Galashiels and Melrose. The weeks immediately following the railway re-opening saw increased viewings and subsequent offers and completed sales in the month of October. We expect the regional sales figures for the final quarter of 2015 to reflect this trend.
Towards the end of October the firm reported a return in demand for prime properties for sale at £750,000 plus in Edinburgh. Buyer and seller confidence was on the rise an assertion which the firm’s new figures support.
Jamie McNeill, head of residential at CKD Galbraith’s Edinburgh office said:
Registers of Scotland has reported year on year increases of over 20% in terms of number sales and 25% in the total value of property sold in Edinburgh. This very much chimes with our experience as the total value of property sold by CKD Galbraith in the city in October 2015 has increased substantially compared to the same month last year. We are seeing an increasing level of buyer confidence at the upper end of the market which has led to a rise in the number of prime property sales in the capital. This marks a turning point after the decline we witnessed following the introduction of the Land and Buildings Transaction Tax in April 2015.