Buyers and sellers showing confidence in Edinburgh property market

There has been an increase in the number of agreed sales, new listings and property viewings in the first quarter of 2013 in Edinburgh, according to a survey by one of Scotland’s leading independent property consultants.

The CKD Galbraith figures shows a fourfold increase in viewing compared with the first quarter of 2012, registrations from prospective buyers up by 79% and a 31% increase in agreed sales.

There was also a 10% increase in missives being concluded and some 64% of purchases were made by local buyers. Overall the average price handled by the Edinburgh office was £471,000.

The firm says this means there has been an encouraging start to 2013 with the levels of activity signalling confidence in the market.

CKD Galbraith operates a dedicated residential sales and lettings division across the whole of Scotland. Its sales team handled in excess of £400 million worth of property in the 2012/2013 financial year ranging from cottages and conversions to country houses, farms and estates.

‘Over the last 12 months we have seen a further improvement in the levels of activity in the housing market and the start of 2013 has continued this trend. It has been our busiest first quarter for five years and we are increasingly seeing the return of the closing date, giving an insight into the demand for property in the city,’ said Alasdair MacKenzie, head of residential in CKD Galbraith’s Edinburgh office.

‘The increase in sales and viewings provides a real indication of heightening confidence in the market. Whilst there is still some way to go, sellers and purchasers now seem to be more comfortable with where the market stands and what they need to do to achieve their next house move,’ he explained.

‘In particular, there is strong demand for New Town flats in the £450,000 to £550,000 price range as well as houses in the £600,000 to £850,000 bracket. However, the firm points out that the guide price is the key to success as a house needs to be priced realistically.
 
‘If this is done then we are seeing a good response for viewings when a house is launched thus giving the house the best chance of selling promptly. Edinburgh is certainly seeing a flurry of interest of from buyers keen to move and in a position to make the offer,’ said MacKenzie.

‘Looking ahead, we expect the rest of this year to be similarly positive and the signs of activity during Spring, when the housing market traditionally starts to gather pace, are better than they have been for several years,’ he added.