LEADING independent property consultancy, CKD Galbraith, today (Monday) reported positive activity in the residential property market in Scotland, following research conducted by the firm for the first three months of 2011.
Begins a spokesperson: “Confidence is starting to return to the market with agents across all 12 of the firm’s offices providing market appraisals on 40 per cent more properties over the first three months of 2011 against the same period last year.
“The number of properties sold or currently under offer is also up 49 per cent for the firm as a whole on this time last year.
“In addition, there has been an increase in the number of prospective purchasers registering with CKD Galbraith, with over 4,500 actively seeking a wide range of properties throughout the whole of Scotland.
“Throughout 2010, CKD Galbraith sold property in excess £250 million covering the sale of residential, sporting, estates and rural property throughout the whole of Scotland.
“Prices achieved for all properties sold by the firm during 2010 were on average within 0.5 per cent of the asking price, highlighting the firm’s unrivalled local knowledge of the market and expertise in setting prudent valuations.
“Latest figures from the Registers of Scotland revealed that Scotland’s property prices held their value in the final quarter of 2010 with the average house price just over £158,000, an increase of 1.7 per cent.”
Bob Cherry, partner at CKD Galbraith, said: “Our findings have given us good reason to believe that as we enter the main selling season the market looks far more favourable than last year.
“We have been successful in winning a significant level of new business across all 12 of our offices in Scotland and it is encouraging to see overall transaction levels up by over 49 per cent.
“Buyers are serious about purchasing assuming the property is accurately priced as the market is still very much price sensitive.
“However, quality properties in good sought after locations are attracting a lot of interest and selling well, with many achieving deals over the asking price. In general, we expect prices to remain relatively stable during 2011.
“At the other end of the market, there has been clear evidence of a substantial increase across Scotland for first time buyers ready to purchase with a significant increase over the last year of active buyers in this market registering with us.
“With the recent announcement of the assisted deposit scheme for first time buyers and an increased appetite to buy from this segment, this will provide a much-needed boost for the market as a whole.”
The spokesperson continiued: “For properties valued above £500,000, cash is often used to secure deals at a good price, enabling the buyers to lock cash in bricks and mortar with no liabilities, a trend experienced by CKD Galbraith.
“Cash buyers registered on the firm’s advanced marketing database are up by a staggering 72 per cent on last year’s figures.
“However, for prospective purchasers requiring a mortgage, latest figures from the Council of Mortgage Lenders (CML) indicated that house purchase lending in Scotland in 2010 was typically more affordable than in the UK as a whole.
“2010 saw 46,800 loans advanced for house purchase in Scotland, an encouraging figure being only less than one per cent down from 2009.
“With the mortgage market still unpredictable, supply of funds remains limited and buyers are understandably cautious about taking on extra borrowing.
“Overall lending forecasts for 2011 are likely to follow a similar level to 2010, with the CML suggesting that gross mortgage lending in 2011 will total around £135 billion.
“However, over the past few months there has been evidence of increased support and competition from private banks for loans in excess of £1 million.”
END
Picture caption: Bob Cherry partner at CKD Galbraith.
For further information please contact Lorna Gardner at Media House on 0141 220 6040 or email: lorna@mediahouse.co.uk. For more information on CKD Galbraith visit www.ckdgalbraith.co.uk.
About CKD Galbraith:
CKD Galbraith is an independent property consultancy specialising in serving the needs of private clients. It employs over 180 people in offices in Edinburgh, Glasgow, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso and Peebles.
The partnership provides the full range of property consulting services across the commercial, residential and rural sectors throughout Scotland. The company enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.
The company’s rural arm specialises in farm sales and purchases, the management and sale of large estates and woodland, valuations and building surveying work.
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Contact: Lorna Gardner
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Email: lorna@mediahouse.co.uk
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