The latest ESPC house price report is out and it shows a marked increase in house prices from this time last year. ESPC reveal that the average selling price in east central Scotland has risen 6.1% to £233,748. The number of homes sold and the number of new properties brought to market has also increased.
Digging down into the data, ESPC note that three bedroom properties in the south-west suburbs of Edinburgh have shown some of the highest increases in average selling prices, which could be attributed to pressures caused by a shortage of family properties in Edinburgh.
The data also shows that the average selling price of three bedroom houses in the Corstorphine, Clermiston, South Gyle and East Craigs has increased by a whopping 20.2%, while three bedroom houses in Currie, Balerno and Juniper Green have increased by 18.5%.
As well as demonstrating an increase in average selling prices, properties in these areas are also selling quickly. The median time to sell in Currie, Balerno and Juniper Green is 18 days, down from 23 days the same time last year, and in Corstorphine, Clermiston, South Gyle and East Craigs the time to sell is 17 days, down 42.6% from the same time last year (30 days.) These time to sells are consistent with the Edinburgh average – currently 18 days, down from 22 days last year.
However in comparison, three bedroom properties in South Queensferry and Dalmeny have decreased by 4.6%, but this could be a levelling out of selling prices, after a surge in popularity last year.
Two bedroom flats in the prestigious New Town and the West End are continuing to be in high demand. These properties are being snapped up quickly, and showing an increase of 24.7% year-on-year to £410,122, making these the most expensive type of property in the region, when considering the number of rooms.
ESPC’s business analyst Maria Botha-Lopez says: “Three bedroom homes in areas on the outskirts of Edinburgh have seen a surge in popularity, as those looking to buy a family home are choosing to a home in areas with good community spirit and in a good school catchment area. But with a shortage of housing stock available, we are finding that these types of home are selling quickly and for over the home report valuation, leading to this increase in average selling prices.
“There has been a very slight increase of 0.7% in the number of homes being brought to market between the months of August and October 2017, and this could be a positive sign that people are gaining confidence in putting their home on the market. We have also seen a 3.3% increase in the number of homes being sold, again showing a positive sign on the market. We will wait and see what the effect, if any, is following the recently announced interest rate rise.”
- The average selling price in east central Scotland between August and October of this year has increased by 6.1%, to £233,748, when compared with the same period last year
- The number of homes sold in east central Scotland between August and October 2017 increased by 3.3% annually
- The number of new homes brought to market between August and October increased by 0.7% annually
- The median selling time in east central Scotland is 24.1% faster year-on-year – from 26 days down to 19 days. For properties across Edinburgh, the median time to sell is 18 days
- 87.5% of properties listed between August and October 2017 were marketed as ‘offers over’, compared with 78.7% in 2016.