Rettie review

WE WILL CONTINUE TO FOCUS  OUR GROWTH IN THE AREAS WHICH BEST MEET  CLIENT NEEDS. WE FORECAST OVER 7% PRICE GROWTH IN PRIME AREAS AND AN INCREASINGLY BUOYANT PRIVATE SALE SECTOR.

Leading independent estate agency Rettie & Co. achieved a record £100 million growth in sales in 2006 with a vibrant first quarter in 2007 representing growth across all sectors - from Land and Development to New Homes, Rural properties and Residential Property sales.

Scotland's property market remains buoyant and looks set to continue its upward trend. Simon Rettie reviews performance over 2006 and early 2007...

Residential property sales grew 16% by volume and 11% by value over 2005 figures, comfortably exceeding market expectations with an average price per property of £766,6_9 for houses and £_37,963 for flats and total sales of £162 million. An even higher mean of £1.16 million per property applied on the private, off-market transactions handled by the firm.

In the first quarter of 2007, traditionally a quiet time for property sales, we sold property to 50 private individuals, an increase of some 20% over the same period last year. Fifteen sales were private, off-market transactions of over 1 million pounds, which translates to virtually one £1 million sale for each week of the year. Over £20.2 million of property has already been sold privately throughout Scotland.

New Homes

The area of new homes sales and marketing saw the biggest growth, with an increase of 61% in total sales value to £129 million, an expanded geographical spread and over 400 units sold for developer clients in 2006. The start of 2007 saw a 49% increase over the same period last year with 80 units sold at a value of £24.26 million. This is reflective of the market in which we are acting which continues to perform strongly for well-located, quality product.

Rural

Rettie Rural, a new department established in July of 2005 achieved sales of around £36 million with an average property sale value of £541,000. The department brokered the sale or purchase of three Scottish estates, five farms and Scotland's first ever £1 million plus residential development plots. The first quarter of 2007 achieved 50% of the sales in the whole of 2006 at £18 million with an average property sales value of £653,000 an increase of 21%. The growth of the department has been on the back of a buoyant country house, estate and farm market with lifestyle purchasers, developers and tax planning being principal drivers over an increasing geographical area.

Land and Development

Within the context of a strong appetite from developers for land and sites, Rettie Land and Development saw a significant increase in the size of deal on which it advised and the geographical area across which it is instructed - from Edinburgh to Aviemore, the Borders, West and Midlothian, Fife, Perthshire, Stirlingshire and Lanarkshire, with total sales of £51.5 million. It is this department which has seen the most dramatic growth in the first quarter of 2007 -  a 660% increase in sales from £2 million to  £13.2 million and a 62% increase in reservations from £20 million to £32.4 million. This has been achieved by growing numbers of fee earners in the team and by expanding our remit to include non-residential sites.

Letting and Management

Rettie Letting and Management also enjoyed a year of continued strong demand for quality and well-priced accommodation. Their managed portfolio of over 500 properties ranges from £400 to £4,000 per month and offers a range of accommodation including corporate professional, family and student accommodation. An increasing number of clients are using the "Tenant Introduction Only" service offered by the firm while our managed portfolio continues to grow in recognition of the professional service offered by the Property Management Team. We let around 100 properties in the first quarter of this year and have another 100 available for rent.

Our clients are responding to the demand for ever-increasingly high standards of accommodation in what is a competitive letting market. Contemporary fixtures and fittings are demanded across the range of our portfolio and properties presented at this standard continue to let well. Similarly, tenants acknowledge our professional approach to their relocation and the management service we offer.

Award winning website

We see the internet as a key component of the business' success. The award winning Rettie & Co. website now sees over 100,000 unique visits per month - that's 130 people visiting the site every hour - which is a powerful platform for both buyers and sellers. Over £2.7 billion of purchasing requirement was registered on the website in 2006 and £230 million of purchasing requirement is registered each month.

2006 was a very strong year and we see the trend continuing into 2007. Quality residential properties will continue to be highly sought after in Edinburgh, Glasgow and rural locations. I forecast over 7% price growth in prime areas and an increasingly buoyant private sale sector. New Homes and Land and Development will be particularly strong in Edinburgh and I anticipate a similar percentage rise in these areas.

 We now employ 82 people in Edinburgh, Glasgow and Melrose and are committed to their training and development in the best interests of serving our clients. We support our staff in their professional development and currently have  4 people studying for professional surveying and property-related qualifications. Ongoing in- house training supplements these professional courses and our spirit of co-operation and communication creates a positive environment in which to work and the exchange of information and experience vital to our success. We have expanded our teams in all areas to ensure that private and business clients can be confident
that we have the people in place to service  their requirements.

Rettie & Co Ltd. Registered in Scotland No SC144330.

Registered Office Deuchrie, Dunbar, East Lothian, EH42 1TG.

VAT Reg. No. 593 2816 16

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