Flying start to 2015 for Inverness property market

The Inverness property market has had a flying start to the year with encouraging levels of demand and high quality property coming to the market, as well as an increase in property viewings, according to estate agents CKD Galbraith.

The firm’s statistics for the first quarter of 2015 suggest that last year’s upward trend is set to continue with overall sales up 24 per cent compared to the same period last year.

As the traditional spring selling season begins, CKD Galbraith research reported that from January to March, the number of property sales concluded through its Inverness office rose by an impressive 100 per cent, compared to the same quarter last year.

Buyer interest was also significantly up with a 14 per cent increase in property viewings across the region.

Phiddy Robertson, from CKD Galbraith’s Inverness office, said: “Inverness has experienced an increased demand for high quality city properties with a high number of local buyers looking to move up the property ladder. I’m confident that our established team has an unrivalled advantage in the local market to be able to secure and sell a wide range of properties. We’ve recently had three properties sold with competitive closing dates, all of which received offers in excess of the asking price.

“The statistics demonstrate a healthy market and we forecast this is likely to continue throughout the spring and summer months.”

CKD Galbraith’s Inverness statistics from the first quarter also show:

During the first quarter of the year nearly 10 per cent of CKD’s sales were completed by international buyers with help from the firm’s friendly teams and the estate agent does not expect the new Land and Buildings Transaction Tax (LBTT) which came online last month to put potential buyers from outside Scotland off.

CKD’s Highlands lettings department has also reported a steady rise in both the number of rental properties available and the level of demand for high quality lets in the region.

Flora Badger, who manages CKD Galbraith lettings in the Highlands, said: “The number of rental properties available in the region increased by 15 per cent compared to the same quarter in 2014. Viewings also increased by 44 per cent in comparison the last quarter and applicant registrations with the firm’s Inverness and Elgin offices rose by 46 per cent.

“It’s a very promising start to the year as demand usually outstrips supply and competition is strong for good rental properties. We’ve also witnessed high demand for modern and energy efficient properties as well as large farmhouses and rural properties. This is perhaps due to the continuing trend in the rental market for families to rent larger properties for longer periods rather than entering into a mortgage. Tenants are no longer looking for short-term properties to rent for just a few months but longer-term more homely properties.”