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Strong growth reported in the Edinburgh property market.

8 November 2013:

The Edinburgh property market continues to show encouraging levels of activity according to new statistics released by Scottish property consultants, CKD Galbraith.

Following research conducted by the firm’s city office, the third quarter saw viewings and the number of properties for sale rise considerably whilst the number of sales remained broadly unchanged. CKD Galbraith’s findings supports the recent Register of Scotland’s quarterly housing price statistics for July to September 2013 which also reported positive results with Edinburgh City having the highest priced properties where the average home changed hands for £222,759.

‘Market confidence has been continuing to grow throughout the year and we have seen increasing willingness from buyers and sellers to make their next move. The statistics demonstrate an improving picture for the market and we forecast this is likely to continue into next year,’ said Alasdair MacKenzie, head of residential at CKD Galbraith’s Edinburgh office. The data shows that very strong growth in the previous quarter of 2013 with sale up 14% and missives concluded up by 20% which has been sustained throughout this quarter.

Also the supply of houses listed for sale is up by 30% on the previous quarter and up by 21% on the third quarter of 2012 while viewings are up by 78% compared to the third quarter of 2012 and up by 10% against the previous quarter of this year.

There has also been double the number of buyers registered with the firm compared with a year ago also up on the last quarter while some 60% of buyers are locally based, 15% are national buyers and 25% are international buyers. CKD Galbraith’s sales teams operating across the whole of Scotland handled in excess of £400 million worth of property in thee 2012/2013 financial year ranging from cottages and conversions to country houses, farms and estates. ‘There are buyers out there willing to purchase and across the year so far, we’ve seen an increase in sales, viewings and registrations. The average number of viewings each property receives before it is sold is up significantly this year, with more people browsing which suggests a good prognosis for the market going forward,’ said MacKenzie. ‘However, realistic pricing is still imperative in today’s market. Those properties with prudent guide prices are the ones witnessing more activity. In Edinburgh we are seeing a good level of demand for city centre properties with an increase in enquires received from buyers looking for second homes or properties as a long term investment opportunity. We are encouraged by this activity, and movement on other property types as well, that demonstrates that the market is continuing to steadily improve,’ he added.
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