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TODAY'S OTHER NEWS

Strong demand for property in Scotland

Fresh figures from a leading property consultancy in Scotland support the findings of last week’s rather strong quarterly housing price statistics report for the first quarter of the year from the Registers of Scotland and suggest a notable change in seasonal selling habits.

The Registers of Scotland reported that from January to March 2017, the volume of residential property sales north of the border increased by 3.4% whilst the total value of sales across Scotland also grew by 5.5% compared with the corresponding quarter last year.

The winter months are traditionally a less favourable time to sell property, but the steady increase in sales reported by Registers of Scotland’s suggests that generally buyer’s appetite did not appear dampened during the first three months of this year.

CKD Galbraith’s figures reflect this trend with residential property sales increasing by 7% last quarter in comparison with the same period of 2016, equating to £47m worth of property sales being handled by the firm over the past quarter.

Over the same period, the firm also recorded a 57% increase in property viewings compared with the first quarter of last year and a 49% growth in applicant registrations, as demand continued to outstrip the supply of properties coming to the market.

“Our figures mirror the last Registers of Scotland report and reflect the fact that sellers now reap the benefits of a twelve month market,” said Simon Brown, partner and head of residential sales at CKD Galbraith.

He continued: “Looking ahead over the next quarter we expect to see a number of changes to the Scottish property market.

“As is typically the case in general election years, we anticipate that the uncertainty caused may well slow the property market down in the weeks leading up to 8th June. The market will, we believe, pick up again and continue growing once the dust has settled.

“As a Scottish-based firm with international reach, we have experienced strong levels of demand across all aspects of the residential market during the first three months of the year. This is due to the competitive pricing and value for money that remains available across the country.”

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