Perth’s high profile bid for the City of Culture crown has sparked a property boom.
A leading local estate agent has reported house sale soaring by 40% and a six-fold increase in requests for viewings since the Perth2021 campaign was launched earlier this summer.
The council-led campaign got under way with a city centre party which gained nationwide coverage.
If successful, City of Culture status could deliver a massive boost to the local economy.
The team behind the bid said that even if Perth doesn’t win, the process itself will help deliver a raft of benefits.
James McKay, Aberdein Considine’s manager in Perth, believes demand has spiked since the Fair City was named bookies’ favourite for the prestigious honour.
He also said that the Brexit vote meant many agents were being “swamped” with demand from buyers keen to tie up deals while mortgage interest rates remain at record low levels.
“There was uncertainty in the minds of both buyers and sellers regarding the Brexit vote,” he said. “But the sales activity that we have experienced over the summer certainly dispelled the myth that Brexit would destroy the local property market.”
He said: “This buying desire is reflected in our August 2016 accompanied viewing figures. We carried out six times as many accompanied viewings in August 2016, compared with August 2015.
“We also registered 34% more buyers to our mailing list and sold 40% more properties.”
Mr McKay said: “These figures clearly show a demand and interest from buyers for all parts of Perth and Perthshire and I have every confidence that this demand will continue into the autumn.
“The interest has been accelerated by Perth’s City of Culture bid, which has capture the imagination and is likely to have a positive impact on property prices in this area.”
Mr McKay said the strongest demand is for middle market properties, not just in Perth city, but across the region.
“For many Perthshire sellers, summer 2016 was a fantastic time for selling up,” he said. “The middle market in particular showed strong levels of sales activities in many areas of Perth. Properties priced between £100,000 and £250,000 in areas such as Oakbank, Viewlands, Craigie, Burghmuir, Scone and Kinnoull proved extremely popular with buyers.
“In one week alone, we had two consecutive closing dates and both properties received several impressive offers in excess of home report valuation from eager buyers who were keen to secure their dream home before the start of the autumn market.”
Mr McKay has forecast a strong market in springtime next year.
Perth and Kinross Council is preparing to submit its official bid for City of Culture status. The winner will be announced at a ceremony in Hull, the 2017 City of Culture, next December.
