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Edinburgh property market not affected by referendum vote in third quarter
Despite the uncertainty caused by the Scottish referendum during the summer months, new statistics show that the property market maintained momentum and interest. There was a large rise in the number of good quality homes coming on to the market in the third quarter of the year, according to research conducted by property consultants CKD Galbraith’s Edinburgh office. The number of potential buyers registering with the firm also increased compared to the previous quarter of this year, indicative of pent up demand in the property market from purchasers following buoyant sales market during the first half of 2014. Overall the number of properties brought to the market through CKD Galbraith increased by 50% compared to the second quarter of 2014 and the number of interested buyers registering with the firm rose by 5% compared to the last quarter. On average properties in the Edinburgh area have sold two weeks quicker than the last quarter of this year; the shortest time taken to sell a property this quarter was two weeks. ‘The Edinburgh market wasn’t quite as affected by the referendum as other regions and although we saw a slight decrease in sales and viewings in the fortnight leading up to the 18 September, there has since been a lot of new activity as confidence returns to the market,’ said Andrew Jarvie, of CKD Galbraith’s Edinburgh office. ‘Whereas last quarter we saw an influx of buyers from south of the border and overseas, the summer period has been a little quieter in comparison as was expected and buyers have predominantly been from within the Edinburgh area. Buyers and sellers are now waking up to the implications of proposed changes to stamp duty which will take effect from April 2015,’ he added. CKD Galbraith operates a network of regional offices located throughout the country and has enjoyed good growth over the last year which it expects to continue into the final quarter of 2014. Continue reading
Prime arable farm land prices in parts of UK up almost 18% year on year
Prime arable farm land prices in Britain have increased by 17.9% year on year but this substantial growth land masks some early signs of potential change to the market. According to the latest quarterly report from Savills the average rate of growth during the three months to the end of September for prime and average quality land across England slowed as the implications from weak commodity prices dawned for many potential purchasers. However, as with all averages these figures hide some exceptional sales where the right product in the right location, which often represent a once in a lifetime opportunity for a purchaser, buck the trend. Conversely, higher average growth rates were recorded for some of the poorer quality land, according to Alex Lawson head of Savills farms and estates team. ‘The range in values for farmland is now so significant that there are buyers who are choosing to take advantage of the relatively good value poorer quality livestock land,’ he said. The research from Savills shows that just over 120,500 acres of farmland were publicly marketed across Britain during the first three quarters of 2014, a fall of 7% compared with the same period in 2013. However there are significant differences between countries with Scotland seeing a 28% fall, Wales a 22% fall while in England the acreage increased by 4%. Supply across England continues to be historically low and our records highlight that this year the volume of publicly marketed farmland is the second lowest since 1995 as 2004, the year before Single Farm Payment, being the lowest with 114,400 acres being advertised to end September. Savills says it is worth noting that the private market accounts for some of the shortfall, which this year includes the sale of the substantial Co-operative Farms portfolio. Moving into 2015 there are a few factors that might increase supply and affect ongoing growth in values. These include pressure on farm incomes and political uncertainty. At a national level Savills is expecting some growth in average values, but this will be more muted than in 2014, with a continued diversity in the ranges of values achieved. ‘Clearly an understanding of local market conditions will be critical to both buyer and seller to ensure realistic expectations,’ said Ian Bailey head of rural research at Savills. Continue reading
Property prices in Ireland recovering well with 15% year on year growth
Residential property prices in Ireland increased by 15% in the 12 months to September, up slightly year on year from the previous month. The data from the Central Statistics office shows this compared with a 14.9% annual rise in August and is much higher than the year on year rise of 3.6% recorded in the 12 months to September 2013. On a monthly basis residential property prices rose by 1.8% in September, down slightly from the increase of 2.3% recorded in August and the same as the increase of 1.8% recorded in September of last year. A breakdown of the figures show that in Dublin residential property prices grew by 2.5% in September and were 23.4% higher than a year ago. Dublin house prices rose by 2.4% in the month and were 22.6% higher compared to a year earlier while Dublin apartment prices were 35.2% higher when compared with the same month of 2013. However, the ONS said that it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series. The price of residential properties in the rest of Ireland rose by 1.1% in September compared with a decrease of 0.1% in September of last year. Prices were 7.0% higher than in September 2013. The latest figures mean that house prices in Dublin are 37.7% lower than at their highest level in early 2007 while apartments in Dublin are 44.2% lower than they were in February 2007 at their peak. Overall residential property prices in Dublin are 39.6% lower than at their highest level in February 2007. The price of residential properties in the rest of Ireland is 44% lower than their highest level in September 2007 and overall, the national index is 39.9% lower than its highest level in 2007. Continue reading
