It is a beautiful sunny morning in March and there is a genuine sense of positivity in the Edinburgh property market. The latest house price report published by the Edinburgh Solicitors Property Centre has revealed that the number of homes sold across Edinburgh, the Lothians and Fife in the three months to February rose by over 90% compared with the same period last year. There has also been a large rise in the number of properties meeting or exceeding their home report valuation. If you have been thinking about selling your property now would be a great time to go for it.
David Marshal, business analyst with ESPC commented:
"Demand in the housing market has increased significantly over the last twelve months and this naturally means that sellers are now in a stronger position than has been the case for a number of years. Across Edinburgh, the average house price between December and February rose by just over 5% annually to £202,163.
"Within the Capital there are areas where the supply of properties to the market at present has not been sufficient to keep pace with demand which has led to sharper increases in prices in these areas due to heightened competition amongst buyers. In Stockbridge and Comely Bank for example, the average price of a two bed flat sold over the last three months has risen to £256,623 - up by 26% annually. With conditions improving though we'll start to see more sellers coming back to the market which will help to balance out this demand meaning such levels of growth will prove to be a short term phenomenom.
"In East Lothian and West Lothian the average house price declined from levels seen early in 2013, but in both cases these falls offset sharp rises in excess of 17% seen a year ago. Consequently prices are still above levels seen at the start of 2012. Elsewhere, in Midlothian the average house price rose by 2%.'