Growth of RAF base is good news for property market

The expansion of the RAF base at Lossiemouth will good news for the property market in Moray.

That’s the view of property consultancy Galbraith, as firms are being sought to tender for its £100million revamp.

The firm reports increased buyer activity for the period April to June 2018, with the number of market appraisals undertaken up by 40 per cent year on year and property for sale increasing by 80 per cent year on year.

Rod Christie, head of residential sales for Galbraith in Moray, said: ‘The expansion of the RAF base at Lossiemouth will bring in additional personnel to the region – possibly as many as 2000 people by 2020, including staff and their families. Some of these will live on the base but many will be looking for a home either to rent or buy.

‘This will further drive demand, which is already growing throughout Moray – viewings are up by 75 per cent compared with the preceding quarter and also up by 66 per cent year on year. This perhaps shows the confidence that people have in the regional and national economy and the strong appeal of owning a home in Moray.

‘The underlying trends for the past quarter are good. House hunters registering on our books have increased by 23.89 per cent year on year, again partly due to confidence in the economy, the excellent standard of living and value for money the area offers. The expansion of the RAF base will certainly further augment this confidence in the town and surrounding areas.

‘Properties in Moray are relatively affordable compared with many other parts of the country and offer the opportunity to enjoy a wonderful lifestyle in a very scenic and well served part of Scotland.

‘For the past few years, the greatest demand has been for properties valued up to say £400,000, in an accessible location and which are in good condition. Properties which are either in need of significant upgrading or are in secondary locations can often take longer to find a buyer.’

The average price of property handled by the firm was £301,400 this quarter, up from £233,800 the previous quarter but down from £351,038 this time last year.