More houses go for over £500K on Highland property market

The Highland property market continues to hold strong, according to independent property consultancy Galbraith.

They say they are witnessing more activity in the north of Scotland primarily driven by increased investment in the area.

The firm’s report for the third quarter of 2018 (July – September) showed that the number of sales conducted by the team in Inverness remained high and 10% more properties were available to sell this period in comparison to the previous quarter of the year.

The number of prospective buyers registering with Galbraith in Inverness has also increased and is up 40% this quarter on the previous quarter of 2018.

Phiddy Robertson, who handles residential sales for Galbraith in Inverness, said: ‘Seller confidence is high as a result of a continued active buyer market in the Highlands boosted by good quality properties and a recognition of capacity for further growth in values compared to the rest of the UK.

‘As such we have brought more properties to the market this quarter and have conducted 20% more viewings than the previous three months of 2018.

‘This reflects the appetite for a 12-month market where the established patterns of marketing predominantly in the spring and summer months are falling out of favour as technology and changing demands require a more flexible approach. Today buyers are able to search for property all year round.

‘Our continued success is driven by our ability to adapt to new trends thus maintaining our position as a market leader with a growing client base in the Highlands.’

Galbraith noted this quarter that there was an increased activity at the higher end of the market.

Phiddy said this was driven: ‘by the desire to live in beautiful surroundings with the confidence that continued investment supports an already healthy economy.

‘We are seeing renewed demand for properties priced between £500,000 and £1,000,000 as well as the already strong £250,000 – £400,000 bracket. The principle reasons for this are: a strong local economy creating jobs, particularly in the renewable energy industry, followed by improved confidence in the tourism sector offering some purchasers the potential to let a part of their property on a short-term basis or in some cases to create a separate holiday cottage in the grounds.

‘The recent expansion of air links between Heathrow and Inverness is also now going to be a significant bonus for those having to commute daily or weekly for business.’

Galbraith has a network of 11 offices throughout Scotland.