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Top end of Edinburgh property market remains strong

Catherine Deshayes

Despite the current credit crisis, those looking to buy property in the top end of the Edinburgh property market remain positive...

A survey by Scottish property consultants, CKD Galbraith's has revealed that those in the top end of the Edinburgh property market maintain a positive outlook despite the current credit crisis.

Respondents to the survey revealed that the attitudes of those looking to purchase in the mid to high end of the property market have been largely unaffected by the economic downturn.

Areas of Edinburgh are avoiding the worst UK housing slump with 78 per cent of CKD Galbraith's potential buyers not having to sell a property to fund a purchase and thus not feeling the pressure from restricted mortgage lending.

The survey revealed the following results: Less than five per cent found it more difficult in getting a mortgage (of those who required a mortgage); 100 per cent confidence in securing a mortgage (of those yet to secure a mortgage); 40 per cent have become more cautious on timing; 27 per cent admitted to being more price sensitive and 30 per cent looking out for what they would class as, a potential bargain.

Alasdair Mackenzie, Head of CKD Galbraith's Edinburgh Residential Department said, "Results from our survey are extremely encouraging and indicate that there remain a large number of potential buyers in the mid to high end of the market for whom funding and confidence are of no concern.

"A common thread amongst our buyers is that there is frustration at the lack of decent housing stock currently on the market as a result of undue pessimism.

"However, whilst buyers are more discerning, they would be keen to make an acquisition if the right property became available and some are keeping an open eye for any potential bargains given the current market trends," Mr Mackenzie added.

The research demonstrates that buyers are active and good prices can be achieved throughout September and October, the key selling months left this year before the quieter festive period.

Source: www.ckdgalbraith.co.uk