Property market activity in Edinburgh is at its highest level since the credit crunch and shows no sign of slowing down because of Brexit, according to Warners Solicitors & Estate Agents.
Between January and March, Warners recorded over 250 property sales – an annual increase of over 40 per cent compared to the same period in 2018 – and brought almost 300 properties to the market.
David Marshall, operations director with Warners, said: “There had been a feeling that activity in the local property market would be subdued in the early part of 2019 as people were expected to wait and see the outcome of Brexit negotiations before deciding to buy or sell. This has not been borne out in reality.
“The rise in the number of homes coming onto the market that we have seen has been the greatest improvement in the market over the last two years.
“In 2016 and 2017 many people were having to delay selling their own home because they couldn’t find a property that they wanted to buy.
“As more homes have become available it has made this problem far less common. Buyers are more often able to find a home that they want, while most sellers are still able to sell their properties quickly.”
Mr Marshall added: “With the pressure on buyers having eased, house price inflation has also come back down to more manageable levels.
“The latest figures from ESPC show that the average house price in Edinburgh rose by 1.8 per cent annually during the first quarter, well below the rate of inflation observed during 2017 and 2018.
“The levels of inflation that we are now seeing are much more sustainable over the longer term so this is good news for the health of the market and, as we move forward, we would expect to see inflation continue in the region of one to three per cent for much of 2019.”
Source: Scottish Legal