House sales up in Dumfries and Galloway

IMPROVED buyer confidence and increased market activity in Dumfries and Galloway’s property market has been reported by property consultancy Galbraith.

The firm’s figures for the first quarter of the year (January – March) showed 14 per cent more sales locally compared to the same quarter last year.

In total, 241 property viewings were conducted, and 43 market appraisals were carried out over this period.

Transaction values ranged between £200,000 and £765,000, with average prices achieved being 3.5 percent over the asking price.

David Corrie, partner and head of sales for Galbraith in Castle Douglas, said: “We have witnessed buyer confidence improving in the market due to falling interest rates and therefore mortgage rates coming down, allowing people to re-engage and make a move.

“There is an active second home market in Dumfries and Galloway and the increased Additional Dwelling Supplement, now up to eight per cent, is starting to have a ripple effect across the whole market. “People are reassessing a second home purchase, particularly in the higher end of the market when increased levels of Land and Buildings Transaction Tax are also being paid, and consequently prices are being restricted.”

But he noted that prices remain stable in the £200,000 to £400,000 market where properties with interesting features, a small portion of land or usable outbuildings remain in high demand.

He added: “Buyers continue to be attracted to the area from the south as well as other parts of Scotland due to its accessibility from the central belt, the size and value for money and the semi-rural lifestyle on offer.

Sales associate Marion Currie added: “Sensible pricing is still key in the current climate, with buyers exercising caution in their approach to offering, mindful of the many economic factors affecting both their own finances and the UK as a whole.

“That said, popular locations and types of property such as smallholdings and coastal properties are still attracting competition leading to large numbers of viewings and closing dates.”