The Moray property market is attracting growing interest from UK buyers, according to fresh figures released by CKD Galbraith.
The Scottish property consultancy reports that there was a sharp rise in levels of activity in the Moray property market during the third quarter of the year, as reflected by a surge in the volume of sales and property viewings conducted by the company.
CKD Galbraith’s Elgin office registered a 50% increase in sales compared to the second quarter of the year and viewings increased by 18%.
Rod Christie, head of residential sales in CKD Galbraith’s Elgin office, said: “The Moray property market has proven to be fairly buoyant up to the £400,000 price bracket where properties which have been priced sensibly, widely marketed and set in a desirable location have generated keen interest.
“We have also recently handled a number of sales where an increase in new applicant registrations has generated strong competition and resulted in a closing date where a healthy premium can often be obtained.”
Properties in the lower to middle price bracket are attracting both local and UK buyers who are seeking their ideal lifestyle property and view the Moray region as offering good value for money, which bodes well for future capital growth prospects.
In Q3, national and international buyers accounted for 60% of CKD Galbraith’s total sales highlighting the area’s appeal beyond the local market.
Christie added: “We have witnessed a slowdown of the market in the higher price bracket, predominantly due to the downturn in the oil and gas industry where job uncertainty across the north-east has restricted the pool of prospective buyers at the top end of the market. Consequently, many sellers in this sector of the market will hold tight and wait until the market readjusts before selling.
“High quality properties below £250,000 and those with a sizable amount of land are still in relatively short supply and thus can command a strong premium whilst arable farmland in particular in the area continues to be in high demand.”