The latest ESPC House Price Report came out earlier this month and it shows some positive trends in the market. As an ESPC member Blair Cadell can handle every aspect of your property transaction. Read on for the latest news.
One and Two Bedroom Wonders
Leading property experts ESPC report that one and two bedroom flats in Edinburgh’s first time buyer hot spots are being snapped up quickly and selling in greater volumes than any other type of property in east central Scotland.
Over the last three months, from July to September 2017, one bedroom flats in Leith Walk, Easter Road, Pilrig and Bonnington have achieved the highest percentage over the Home Report valuation at 111%, and are selling the fastest, at 13 days. The average selling price in these areas has increased by 11.8% to £141,373. Similarly, one bedroom flats in Abbeyhill and Meadowbank have increased by 15.7% to £154,973, and Gorgie and Dalry by 17.8% to £134,342.
Demand for Three Bedroom Homes
Also in Edinburgh, three-bedroom homes in Corstorphine, Clermiston, East Craigs and South Gyle are showing the highest increase in average selling prices at 23.6% to £324,032. The increase in these areas is being driven up by demand for three bedroom homes outside of the city centre. While Corstorphine is now pricing out buyers on a modest budget, those still looking for a home in the west of the city have turned to neighbouring Clermiston, South Gyle and East Craigs to buy a property.
Lack of Availability
ESPC’s business analyst Maria Botha-Lopez said: “We have seen an increase of 4.7% in the number of homes sold in east central Scotland between July and September 2017, continuing the recovery of year-on-year increases in sales volumes. However the number of new homes brought to market between the months of July and September decreased by 0.5%, after a promising sign of recovery over the last couple of months, and it is this lack of availability of properties to buy that is putting demand on the market and resulting in these increases in average selling prices. With 89.1% of properties listed between July and September 2017 being marketed as ‘offers over’ this also indicates how strong the market is for the seller, where their solicitors are confident that they will achieve over the asking price.
First Time Buyers
“While first time buyers may be disheartened by the quick selling times and increase in average selling prices in some of Edinburgh’s most popular places, the most affordable types of properties are two bedroom flats in Craigentinny and one bedroom flats in Gorgie, for example. It would also be worth looking outside of Edinburgh, in East Lothian or West Fife, where there is less pressure on the market.”
- The average selling price in east central Scotland between July and September of this year (£236,810) has increased by 6.8% when compared with the same period last year, while in Edinburgh the average selling price has increased by 6.4% to £253,182
- The number of homes sold in east central Scotland between July and September 2017 increased by 4.7% annually
- 89.1% of properties listed between July and September 2017 were marketed as ‘offers over’, compared with 78.4% in 2016.
- The percentage of sales achieving or exceeding their Home Report valuation rose from 67.9% between July and September of 2016 to 77.8% in 2017
- The median selling time in east central Scotland is 21.5% faster when compared to the same three-month period a year ago – from 24 days down to 18 days. For properties across Edinburgh, the median time to sell was 16 days