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Edinburgh property market sees strong start to the year

There has also been an increase in property viewings, according to CKD Galbraith, following a year of steady growth for the Scottish property market.

The firm’s statistics from the first quarter of 2015 suggest that this trend is set to continue with the firm’s overall sales up 24% compared to the same period last year. As the traditional spring selling season commences the firm’s offices across Scotland are generally reporting rising levels of buyer confidence and activity.
CKD Galbraith research reported that the first quarter of 2015, from January to March, saw the number of properties on the Edinburgh market rise by 150% compared to the same quarter of 2014.

Buyer interest was also significantly up with a 28% increase in property viewings and an 80% rise in potential buyers registering with the office in comparison to the previous quarter.
‘Edinburgh has experienced an increased demand for high quality city properties and I’m confident that our established team has an unrivalled advantage in the local market to be able to secure and sell such properties,’ said Jamie McNeill, from the Edinburgh office.
‘The statistics demonstrate a healthy market and we forecast this is likely to continue throughout the spring and summer months,’ he added.

The data also shows that sales in Edinburgh increased by 50% compared to the last quarter, 62% of sales were completed by local buyers, 25% national and 13% international, and the average time taken by the Edinburgh office to sell property was seven weeks, with the quickest sale conducted in just one  week.

It found that 62% of purchases were made by cash buyers and there was an increase in the number of high end properties on the market at £400,000, probably due to the introduction of the new LBTT property tax in Scotland in April.

The firm has asserted that the new tax system in Scotland, the Land and Buildings Transaction Tax (LBTT), should not put potential buyers from outside Scotland off, the local office’s sales teams are highly experienced in guiding buyers through the process. During the first quarter of the year nearly 10% of the firm’s sales were completed by international buyers.