South Ayrshire’s property market is likely to benefit from the £7.8m investment in the town of Maybole and the creation of the new bypass.
Galbraith, a leading property consultancy, believes this regeneration will strengthen demand and ultimately boost property prices in Maybole and the Girvan Valley.
Bob Cherry, who heads the Ayr office for Galbraith, feels the investment will make the area more attractive to potential homebuyers. Troon, Ayr and Alloway are already some of the most desirable places to live in Scotland.
He said: ‘The regeneration of Maybole is an example of how public sector intervention can have a real impact on a local area.
‘The new bypass will route all traffic away from the town centre, reducing congestion and restoring the peace and quiet.
‘In addition, the revitalisation of the high street will make an enormous difference to the town – the 16th century castle and the striking town hall are to be repaired and the historic buildings and public spaces improved. Maybole dates back to the 12th century and has a number of attractive and historic buildings which merit preservation.
‘In recent months, prices in some parts of Ayrshire have been rising due to the strength of the market in Glasgow – buyers who are either priced out of Glasgow or who have recently sold in Glasgow are relocating to Ayrshire in order to take advantage of the relatively lower prices and the attractive lifestyle here. This boosts demand, reduces the time taken to sell and is leading to gradual price rises due to competition between buyers.
‘However, small towns like Maybole which are more remote from the main population centres have missed out compared with Scotland’s cities and more accessible rural areas. Since 2016, there have been nine closures every month of banks, shops and government offices in Scotland’s high streets and this has had an effect on small towns. Fortunately, there are signs that the Scottish and UK governments are now recognising the need to invest in small towns which is certainly welcome.’
Galbraith handles the sale of residential properties worth £4.6m on average per quarter in Ayrshire and £51.7m per quarter across Scotland as a whole.
The firm reports a busy quarter ending 30 June 2019, with almost 500 viewings of properties by prospective purchasers and sales up by 50% quarter on quarter for the Ayr office.
The number of market appraisals has also risen by 46.4% over the same period. The average price of property sold by the firm in Ayrshire rose by 8.9% compared with the preceding quarter.
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