Taylor Scott International News
Residential property sales in Scotland increased by 6.5% in the third quarter of 2015 and the total value of sales by 6% compared to the same period in 2014, the latest index data shows. This is the highest volume and total value of quarterly sales in Scotland since 2009, according to the figures published by the Registers of Scotland. The highest rise in volume of sales was recorded in West Lothian, with an annual increase of 23.1% compared with the same quarter the previous year while Aberdeenshire saw a drop of 13.5%, the steepest fall. The data also shows that Edinburgh was the largest market with sales of over £805 million for the quarter, an increase of 6.2% on the previous year. But prices have dipped slightly. The average property price in the quarter was £169,397 a drop of 0.5% compared to the previous year. Semidetached properties showed an increase of 2% to £159,854 on the previous year while detached, terraces and flats saw decreases in average prices of 0.9%, 3.1% and 2.4% respectively. Overall the Scottish property market is demonstrating healthy growth and stability with good quality properties selling quickly, according to Simon Brown, partner and head of residential sales at CKD Galbraith. ‘These are very encouraging signs for the final months of year and moving into 2016. Success in the current market comes down to a number of key ingredients: sensitive pricing, demand for high quality property and effective marketing,’ he added. Michelle Grant, investment director at Grant Property, believes that the outlook for the market continues to be positive. ‘This signals growing confidence and has created a more competitive environment for buyers and investors,’ he said. ‘Glasgow and Edinburgh are proving particularly popular with most properties selling for more than the Home Report valuation, on some occasions up to 15% more. It is also not uncommon to be bidding against up to eight to 10 people for a property in sought after areas of the capital,’ he pointed out. ‘From a buy to let perspective we are experiencing 100% occupancy eight out of 12 cities in which we operate with high levels of demand from tenants. This is great news for investors looking to secure assets with long term yield prospects,’ he added. Taylor Scott International
Taylor Scott International, Taylor Scott
