Tuesday, 12 January 2010
CKD Galbraith says cash buyers will drive property market recovery
One of Scotland’s leading independent property consultancies, CKD Galbraith, which has a dedicated office in Ayr, is cautiously optimistic that ‘cash-buyers’ will help drive recovery in the Scottish property market over the forthcoming year.
[Pictured: Bob Cherry of CKD Galbraith's Ayr Office.]
The firm has also experienced an increase in the number of prospective purchasers across its network of 12 offices from the North East to the Borders.
CKD Galbraith currently has in excess of 4,500 prospective purchasers on its advanced marketing database who are all actively seeking a wide range of properties north of the border.
Of the 4,500 registered home-seekers, 14 percent are registered as ‘cash buyers’ who already have funds in place and are not reliant on selling another property before proceeding with a purchase. This figure is up from the same time last year, when only nine percent claimed to be in a similar position.
2009 was a significantly more stable year than anticipated, with some much needed confidence returning to the marketplace. CKD Galbraith encountered a significant increase in property viewings, with over 2,470 separate viewings arranged in the last six months of the year, compared to 1,950 for the first six months, an increase of 26 percent.
Of the more sought after properties, the return of the traditional closing date system in the late spring of 2009 was particularly encouraging, and highlighted the resilience of the market for problem-free houses, in good locations, which were sensibly priced and just as importantly, well presented.
During the year, a number of notable sales were achieved, with levels of activity and volumes of sales far higher than the pessimistic projections delivered at the end of 2008.
Understandably, high quality properties at the lower end of the market, below £350,000, proved to be particularly popular. CKD Galbraith sold Balcomie Cottage, a delightful cottage in the Speyside village of Aberlour within nine days, and Aytounhill Cottage, a ‘fairy tale’ cottage set deep in the woods outside Cupar, Fife, which quickly proceeded to a closing date at which several good offers were received.
Going forward into the year, it is likely that the general market trends established in the second half of 2009 will become more pronounced and embedded.
Given the Home Report, which is now well established and operating to the benefit of the market, combined with the forthcoming general election, widely expected by May, CKD Galbraith anticipates that business will be reasonably brisk in the early part of 2010, before a probable lull immediately before and potentially after the eventual chosen date for the election.
Bob Cherry of CKD Galbraith’s Ayr office (pictured above) said: “We are currently experiencing a divided market, with general indications that the better quality properties in more sought after locations should continue to sell well whilst other properties, which for whatever reason may not be considered quite as desirable, will take longer.
“Indeed, it may be that momentum and interest for the more desirable properties will increase in the face of a shortage of good quality stock, which in part has been brought about by the new system of Home Reports weeding out all but the most committed of sellers.”
Bob Cherry concluded: “Barring any further major economic disasters, confidence in the residential property market should continue to improve, and with that, it is a logical possibility that the prices achieved will start to show positive signs of growth by the end of 2010.”
CKD Galbraith has highly experienced agents covering the whole of the country, specialising in the sale of both high quality rural and town property.
To contact an agent CLICK HERE
About CKD Galbraith
CKD Galbraith is an independent property consultancy specialising in serving the needs of private clients. It employs over 160 people in offices in Edinburgh, Glasgow, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Kelso, Galashiels and Peebles.
The partnership provides the full range of property consulting services across the commercial, residential and rural sectors throughout Scotland. The company enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.
The company’s rural arm specialises in farm sales and purchases, the management and sale of large estates and woodland, valuations and building surveying work.
R A Cherry BSc MRICS
7 Killoch Place
Ayr KA7 2EA
Tel: 01292 268181
Fax: 01292 292300
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