Galbraith sold property valued at £8.7m in Ayrshire during the three-month period ending 30 September.
The speed of sales is also an indication of the strength of the market, with the average time taken for a property to be marked ‘under offer’ reducing to 28 days in Ayrshire, down by more than 50% on the same period last year.
Bob Cherry, head of residential sales in Ayrshire said:
The past three months have seen an exceptional level of activity and demand for rural homes. There is no question the events of this year have caused many people to re-evaluate their lifestyle and seek a better quality of life in a rural area.
Since the market reopened in late June the demand for rural property is at a ten-year high. A premium is being paid by buyers competing with each other for the most sought-after properties, with offers well above the guide price. This strong demand has had a ripple effect so that even properties in the less favoured parts of the region are now attracting a great deal of interest and selling well.
Average prices for property sold by Galbraith in Ayrshire have increased by 4.86% year on year. Most properties marketed in the past 12 weeks secured multiple offers above the guide price.
The firm has conducted 760 viewings, both online and in person in line with our Covid-19 guidelines and protocols in the three-month period from 1 June to 30 September, up from 303 viewings during the same period one year ago. Market appraisals also increased, by 140% year on year, as there is a continued stream of property being launched for sale.
In addition to the strong demand, the market is also underpinned by easy access to finance and the historically low costs of borrowing. Although the overall economic outlook is gloomy for the next 12 months, the availability of residential mortgages at low rates is likely to ensure that the property sector continues to be active next year, Galbraith predicts.
Bob Cherry continued:
Although the market will slow down over the winter, as it always does, I expect activity to return in the spring and it looks likely that 2021 will be a good year. Even if the UK economy contracts, it seems likely that mortgage rates will remain low, which has a significant effect on the housing market. Furthermore there are numerous buyers who have successfully sold their current properties in the last few months but have not yet found the next property to buy.
Over the past quarter 78% of buyers came from within Scotland, with 22% from the rest of the UK, broadly in line with previous years.
Galbraith has a network of thirteen offices across Scotland and northern England, handling residential property sales worth £51.7 million per quarter. The firm also manages and sells rural estates, farms, smallholdings and land. The Galbraith rural team provides advice on 3.5 million acres of land throughout the country.
Currently on the market through Galbraith in Ayrshire:
Oakmount, By Ochiltree, Cumnock; Offers Over £395,000
Oakmount is an attractive modern three-bedroom house offering well-presented and spacious accommodation. The property has about 2.71 acres of grazing land, stabling and equestrian facilities. There is also a private garden with superb views. The conservation village of Ochiltree is about 3.5 miles distant and the property is situated in an attractive rural area.
Caldrongill, By Craigie, South Ayrshire. Offers Over £375,000
Situated on the outskirts of the sought-after village of Craigie, Caldrongill is an attractive property set in beautiful gardens with far reaching country views. The house has three bedrooms, three reception rooms and a conservatory. Outside there is a useful range of stables and outbuildings, attractive and well-maintained gardens, and about 7.1 acres of high-quality grazing land.