Prime Scottish residential property prices fell by 0.6% in the third quarter, taking the annual decline in prices to 3%.
According to Knight Frank, new buyer registrations were up 38% in Q3 compared with the same period last year.
The agent revealed a 56% rise in searches for Scottish property by parties in the UK and overseas in Q3 compared with the same period last year. Some 30% of all web searches originate from overseas, underlining Scotland’s international appeal.
The marked pick-up in activity in the Edinburgh market noted in the second quarter continued throughout the summer, particularly for properties priced in and around £1m. Prices in the city remained stable in the third quarter and are down 0.3% year-on-year.
Ran Morgan, head of Knight Frank’s Scottish residential department, said: “It has been noticeable over the last six months the volume of our prime property which has sold to buyers from outside Scotland. Domestic buyers are still struggling with a lack of mortgage finance, which continues to affect the country house market, especially properties priced at up to £1.5m.”
“Transactions also remain sticky around the £2m mark, given the new, higher, stamp duty charges, although activity picks up again in the market for properties worth £2.5m or more.”
annabel.dixon@estatesgazette.com
