The Herald - The Herald Magazine
THE VOICE OF PROPERTY
HIGH RISES IN HIGHLANDS
NEW build home completions are continuing to nudge upwards, albeit slower than required to meet demand. However, new developments in the pipeline include 400 acres of zoned land bordering Livingston in West Lothian secured by Springfield Properties for 1,900 homes plus commercial units and a primary school. And the Trump Organisation has revealed plans to build 500 new homes as part of a £150 million second phase of development at its golf resort near Balmedie in Aberdeenshire.
INDEPENDENT property consultancy Galbraith reports continued strong demand for property in the Scottish Highlands. The firm’s second quarter sales report for the Highland region shows sales increased 40 per cent compared to last year. This increase is in line with sharp growth in tourism, which is driving demand for good quality accommodation, while the changing economic climate is increasing the numbers moving into the area to live.
It has spectacular scenery, investments in infrastructure and tourist attractions, plus a growing economy. Galbraith has seen property viewings increase 29 per cent year on year. Phiddy Robertson, who handles residential sales for Galbraith in Inverness, comments: “The market has picked up significantly since 2015 and in 2018 the first six months shows a steady increase in
activity. Demand for well-sited property remains high, with competition leading to more closing dates, most of which achieve significant premiums over the asking price. This links to the average price of property sold from the firm’s Inverness office during the quarter rising to £327,212, up from £284,992 in the previous quarter.
“While prices are rising, the Highland area remains less expensive than many other parts of the UK and we see buyers from all over the country making the move here to enjoy a better quality of life.”
The UK government House Price Index for May 2018 noted the largest regional increase in sales in Scotland was for the Highlands, where volumes increased by 3.9 per cent.