Demand for rural properties in Inverness-shire was so high throughout 2021 that 17% of buyers paid over the asking price.
The new figures, released by independent property consultancy Galbraith as part of its market review, also show that one property sold for 50% above the asking price in Inverness-shire while the fastest sale agreed in the Highland region was seven days.
Described by experts as a “boom” in the Scottish property market, Aberdeenshire also followed a similar trend as 4% of homes on average were sold above the asking price with sales up 26% in 2021 compared to the previous year.
Viewings were also up a massive 48% in the area while the fastest sale was agreed in four days.
Multiple bidders
Simon Brown, partner and head of residential agency for Galbraith, said demand for rural properties in the north and north-east continues to soar.
“Rural property has been highly prized this year as many people have been attracted to the idea of a rural retreat, offering more space, greater privacy and a better lifestyle,” said Mr Brown.
“A good proportion of properties have attracted offers from multiple bidders, resulting in some houses changing hands for significantly more than the guide price.
“Market activity has been well balanced across all regions of Scotland and all price bands, with higher-priced property also selling well.”
The WFH effect
And with more people being able to work from home, Mr Brown thinks demand for rural properties is likely to remain strong.
“Looking ahead, many of the factors underpinning demand are likely to continue next year,” he said
“Although the Bank of England has just increased the interest rate to 0.25%, mortgages remain relatively affordable, which has a major impact on transactions.
“The fact that working from home is likely to continue next year means that many people will be able to consider a more rural property, as the commute is less of a factor and therefore this is likely to also sustain demand.”
Moray also recorded strong property sales with buyers on average paying 3.5% above the guide price with sales up 38% on the previous year.
The average number of viewings also increased by 98% and the fastest sale was agreed in one day.
In Aberdeenshire and Inverness-shire, some property sales were concluded without the buyer ever having visited the property in person.
On the whole, Scotland saw a 36% rise in sales in 2021 compared with the previous year with one property selling for an astonishing 214% above the asking price and another sold for 108% above the guide price.
