Happy New Year! 2015 is set to be a great year for the Edinburgh Property Market. For regular updates take a look at our website and social media channels.
Last year the market began strongly as the Government's Help to Buy Scheme was rolled out. This gave a welcome boost to first time buyers and cash strapped second-steppers.
Stricter lending rules were introduced in April - mortgage lenders can now demand more information about those looking to buy or remortgage a home. However, home-buyers were not deterred as demand increased steadily over the year.
Speculation over whether the Bank of England were set to raise the base rate of interest from 0.5% caused the market to cool slightly during the middle of the year. Such an increase would mean higher mortgage costs.
Towards the end of the year there was an increase in the number of higher priced homes coming onto the market ahead of the introduction of the Land & Buildings Transaction Tax in April 2015.
Key Facts & Figures
Average house price increase across UK: £15, 191 (to £268, 895)
Top 3 cities for house price increases last year:
London: 15.6 per cent
Edinburgh: 11.8 per cent
Aberdeen: 9.7 per cent
Median selling time down from ten weeks to seven in Edinburgh, according to ESPC figures.
60% of homes sold in the city achieved their home report valuation.
Number of homes coming onto the market rose. New instructions up by 13% on an annual basis.