Demand for property has risen in Ayrshire and according to property consultancy Galbraith is expected to remain buoyant into 2021
Property consultancy Galbraith reports very strong demand for rural property in Ayrshire over the past quarter and expects the buoyant market to continue into 2021.
Galbraith sold property valued at £8.7m in Ayrshire during the three-month period ending 30 September.
The speed of sales is also an indication of the strength of the market, with the average time taken for a property to be marked ‘under offer’ reducing to 28 days in Ayrshire, down by more than 50 per cent on the same period last year.
Bob Cherry, head of residential sales in Ayrshire said: “The past three months have seen an exceptional level of activity and demand for rural homes. There is no question the events of this year have caused many people to re-evaluate their lifestyle and seek a better quality of life in a rural area.”
Average prices for property sold by Galbraith in Ayrshire have increased by 4.86 per cent year on year. Most properties marketed in the past 12 weeks secured multiple offers above the guide price.
The firm has conducted 760 viewings, both online and in person in line with our Covid-19 guidelines and protocols in the three-month period from 1 June to 30 September, up from 303 viewings during the same period one year ago. Market appraisals also increased, by 140 per cent year on year, as there is a continued stream of property being launched for sale.
In addition to the strong demand, the market is also underpinned by easy access to finance and the historically low costs of borrowing. Although the overall economic outlook is gloomy for the next 12 months, the availability of residential mortgages at low rates is likely to ensure that the property sector continues to be active next year, Galbraith predicts.
Bob Cherry continued: “Although the market will slow down over the winter, as it always does, I expect activity to return in the spring and it looks likely that 2021 will be a good year. Even if the UK economy contracts, it seems likely that mortgage rates will remain low, which has a significant effect on the housing market.”
Over the past quarter 78 per cent of buyers came from within Scotland, with 22 per cent from the rest of the UK, broadly in line with previous years.