This month has seen another increase in the number of properties brought to market in east central Scotland compared to last year, ESPC reports.
In August 2018, there was a five per cent increase annually, while in ESPC’s July and June House Price reports, this figure was 3.4 per cent and 3.2 per cent respectively.
Average selling prices rose by 3.4 per cent to £248,092 across east central Scotland, compared to the same period last year. The average selling price in Edinburgh rose by 4.5 per cent to £268,151. Within the capital, two-bedroom flats in Leith, the Shore and Granton saw the biggest increase in average selling prices, rising by 18.5 per cent to £202,173. Two-bedroom flats in Newington, Grange and Blackford also saw an increase of 18.1 per cent, rising to £306,566.
Properties in West Lothian also saw a significant increase in average selling prices, rising by 19.3 per cent to £233,325. This is less pronounced than the increase last month, when average selling prices in this area increased by 34.5 per cent compared to the same period last year. The average selling price was driven up due to a greater proportion of higher value homes sold recently.
The median time to sell across east central Scotland was one day slower than last year, with half of all properties going under offer within 18 days. In Edinburgh, the median time to sell was 16 days, which is one day slower than last year.
The number of properties sold in east central Scotland between June and August 2018 decreased by 5.7 per cent annually. This is due to fewer properties being brought to market in previous months and is not indicative of falling buyer demand.
Claire Flynn, PR and content executive at ESPC, said: “A further increase in the number of properties coming to market in east central Scotland is encouraging. This trend is positive news for buyers, as a shortage of properties has been limiting the local property market in recent years.
“Furthermore, average selling prices are still increasing steadily in comparison to last year, and we are continuing to see very short selling times across Edinburgh, the Lothians and Fife. Reports of house price drops and falling buyer demand in the wider UK market indicate that east central Scotland continues to buck UK housing market trends.”
Reflecting on Nationwide’s most recent House Price Index which reported price drops in the UK property market, Jenna Spence, operations director at Neilsons Solicitors and Estate Agents, said: “There is no such thing as the ‘UK property market’ – the UK is a patchwork of local markets each with its own dynamics and, unfortunately, much of the press commentary on the housing market focuses on what is happening in London and the south east of England.
“What matters most is what is happening in your local area if you are considering selling. In Edinburgh, sales prices have increased by 4.5 per cent on average due to huge buyer demand.
“We are definitely not seeing falling buyer demand by any means. It is very much the opposite in Edinburgh and the surrounding areas as evidenced by the speed at which properties are selling and the record selling prices achieved in many cases, if properties are accurately priced, professionally marketed and well-presented for the sale. Closing dates have become the norm in most cases and supply is simply not keeping up with buyer demand.”
Source: Scottish Legal