Desire to own a quality property in the heart of Edinburgh doesn’t look like slowing down any time soon. Shandon ticks lots of boxes for a range of different homebuyers. For families it has great schools and some lovely parks. For buy-to-let investors the area is in close proximity to several universities as well as Edinburgh’s financial district. And for people looking to downsize as they move towards retirement it has some great amenities and a real community spirit.
For those who are looking to sell property in Shandon this is all to the good. Recent statistics by the ESPC suggest that this is indeed the best time to make a property sale in recent years. For instance, the number of homes sold in east central Scotland between July and September of 2015 rose by 11.1% annually. However, this demand has not been met with adequate supply. In fact, the number of new homes brought to market during this time decreased by 2.4% annually.
Furthermore, the average selling price in east central Scotland has seen an increase of 1.5% between July and September of this year, compared with the same time period in 2014. Coupled with this, 73% of properties are coming to market as offers over, compared with 54% in 2014, and 37% in 2013. With demand outstripping supply in such stark fashion it is likely that we will see still greater price increases.
At our Harrison Gardens property centre we have seen record prices paid in this year for Shandon property, with a very high percentage of properties going to closing dates. It goes without saying that in the current market more quality properties for sale are required to meet this high demand.
With mortgages now readily available up to 95% and at historic low rates now is the time to make a move.
Call us today on 0131 337 1800 to arrange a free, no obligation, property valuation – or just for an informal chat about your situation. We are always happy to help.
Blair Cadell are a leading firm of Edinburgh solicitors dealing in a wide range of property, business, tax and personal legal matters.