Properties selling strongly in the north of Scotland

The Moray property market is performing well above expectation according to a leading independent property consultancy.

Galbraith say sales continued to rise all the way through to the end of December.
The most sought-after properties in Moray are new builds with environmentally-friendly features, the firm reports.

The number of property sales completed by Galbraith in Moray for the past quarter (Oct-Dec 2018) rose by 31% in comparison to the same period the preceding year. This completes a pattern of four positive consecutive quarters, with sales in Moray 32% higher in 2018 than in 2017.

Rod Christie, head of residential sales for Galbraith in Moray, said: ‘We would have expected a lack of consumer confidence over the past quarter but that certainly hasn’t been our experience. Properties priced at £350,000 or less are selling well and in some cases we have managed to secure good offers within just a few days. At the premium end of the market, properties are also selling, albeit more slowly.

‘I’m pleasantly surprised by the level of activity last quarter and throughout the whole year, reflecting continued consumer confidence in the regional and national economy.”

Market activity in Moray continues apace, with the number of viewings conducted by Galbraith up by 4% in 2018 compared to 2017. The market is primarily underpinned by local buyers, with 64.7% of buyers coming from Scotland during 2018, 29.5% from the rest of the UK and 5.8% from overseas.

Rod continued: ‘Moray can represent good value for money compared with many other parts of Scotland and the rest of the UK, particularly given the scenery, many wonderful beaches, variety of outdoor pursuits available in the area and the standard of living in general.

‘The market over the past quarter seems to have been driven by demand for new-build country homes or refurbished traditional homes. In the past, houses which required work offered an opportunity to complete an exciting development project and generate a return upon resale. Today that trend seems to have diminished.

‘At the moment, the properties which seem to generate the keenest interest are those that have been finished to a very high standard and do not need any further improvement. Many may well have been designed with energy-efficiency in mind.

‘The most popular locations in the area continue to be: along the coast; on Speyside; and within easy commute of the principal towns. Properties with good views or access to a small amount of land are also in demand.

‘Two examples of this trend over the past quarter are the sale of the Old Mill at Deskford near Cullen which was completely rebuilt on the footprint of a former mill with high-quality interior finishes, energy efficient features and an acre of well-tended grounds in a very private situation with lovely views. The second notable example was the sale of Morla at Auchindachy near Keith, which was a newly built architect-designed home with five bedrooms, biomass central heating and an enclosed garden. Both properties sold well.’

Across Scotland as a whole, Galbraith handles over £53 million worth of property sales per quarter.