Property firm in growth spurt

A Scottish property group has seen the portfolio of flats and houses it manages for landlords increase by more than a quarter on the back of two acquisition deals.

Edinburgh-based sales and rental agency Murray & Currie Property has acquired two rival city firms, Traquair Lettings and Crombie & Co, in recent months in an expansion move which has also seen three new team members taken on.

The deals have seen the number of properties the group manages rise by 26 per cent with fee income increasing by 23 per cent.

Managing director Steven Currie, who co-founded Murray & Currie with Richard Murray in 2008, said the acquisition deals come amid significant optimism around the property market in Edinburgh.

“We are feeling very positive about the future of the market in Edinburgh. There is a healthy supply and demand complemented by global projects such as the new St James Centre, Haymarket development, plans for the Johnnie Walker visitor centre on Princes Street and the expected announcement around the trams going to Leith,” said Currie.

“These are all bringing people to Edinburgh, provide sustainability to our market and create a buzz in the city.”

The company, which also has offices in Aberdeen, has around 1,000 properties under management and works with landlords in 29 countries.

Latest figures show the property market in the Edinburgh area enjoyed a strong finish to 2018 with prices rising faster and higher than other areas of Scotland.

The average selling price across Edinburgh, the Lothians and Fife rose by 4.9 per cent during the year to £242,000, according to figures from the Edinburgh Solicitors Property Centre. A forecast by JLL predicts that by prices in the capital will rise by 16.5 per cent by 2023.