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Edinburgh named fastest city in UK for selling your home

Homes put on the market in Edinburgh sell faster on average than in any other city in the UK, according to a new study.

Figures show properties in the Capital spend an average of just 45 days on the housing market before being snapped up.

Edinburgh came just ahead of Glasgow, where the average home is bought 47 days after it is put up for sale.

The figures, released by Online Mortgage Advisor, also revealed the average price of a property in Edinburgh is £263,900.

That is more than £100,000 higher than the average price in Glasgow – at £135,000.

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Dundee, where the average home costs £128,600, was ranked third by the company. Sellers there can expect to wait 72 days on average.

Oxford meanwhile, where the average house will set you back £399,900, was ranked as the slowest city in the UK to sell your home.

Houses there were sold on average after 152 days – almost five months.

Online Mortgage Advisor said it calculated the average time taken for a property to sell in the UK by analysing The City Rate of Sale Report run by Post Office Money.

It used property listing dates on the website Rightmove to work out the length of time that houses in each location stayed on the housing market.

It comes after Nationwide bank has said that house prices have seen the highest monthly rise in more than 16 years as a result of the coronavirus crisis.

After suffering losses during May and June, house prices have recovered much quicker than expected, meaning they’ve now reached an all-time high.

By Conor Marlborough

Source: Edinburgh News

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Second home ownership soars towards the value of £1 trillion

The number of British people owning a second home has soared by more than 50 per cent since 2001 as the value of additional property wealth nears £1 trillion, according to a new report.

Research from think tank the Resolution Foundation revealed that 5.5 million people – around one in ten of the UK population – own a second home, buy to let or overseas property, up from 3.6 million in 2001.

The jump was driven by buy to let mortgages, which have risen 15 times since the turn of the century.

Wealth from second homes owned by UK adults has also risen over the same period to £941bn.

It found that while 50 per cent of people born in the 1960s owned a property by the age of 29, that dropped to 37 per cent among those born in the 1980s.

One in six baby boomers – 1.2 million people born in the 1950s – reported owning extra property, the data from 2014 to 2016 revealed.

Despite the surge in second home ownership, the number of millennials owning a home continues to fall.

The report urged policymakers to rebalance the housing market to help first-time buyers.

Resolution Foundation policy analyst George Bangham said: “While young people in particular are less likely to own their own home than previous generations, those that do own are more likely to have more than one property.

“And as the huge stock of second homes, buy-to-let and overseas properties starts to be passed on to younger generations, Britain risks becoming a country where getting ahead in life depends as much on what you inherit, as what you earn.”

By Callum Keown

Source: City AM

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Edinburgh property market at its hottest since credit crunch

THE Edinburgh’s property market is at its hottest since the credit crunch, a new report claims.

More homes in the city are being put up for sale and more people are looking to buy.

Warners Solicitors & Estate Agents said activity among both buyers and sellers was at record levels and showing few signs of slowing down despite Brexit.

Between January and March, the firm said it recorded over 250 property sales – an 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.”

He said throughout 2016 and 2017, a significant shortage of homes for sale across Edinburgh and the Lothians had led to multiple buyers competing to secure properties, which meant that buyers found themselves having to bid well in excess of the Home Report valuation in order to be successful.

The market began to see a steady improvement last year, with Warners observing an 11 per cent rise in the number of new property listings compared to 2017.

Supply improved further in the first quarter of this year with more sellers willing to take the plunge and get their home onto the market.

Mr Marshall said as a result, the premiums buyers were now having to pay were lower than in recent years, with the average premium paid over the Home Report valuation now 3.4 per cent, down from 6.9 per cent in the first three months of 2018.

He said: “With the pressure on buyers having eased, house price inflation has also come back down to more manageable levels.”

Latest figures from ESPC show the average house price in Edinburgh rose by 1.8 per cent during the first quarter, though one and two bedroom flats in popular parts of the Capital have seen prices soar.

Mr Marshall said: “The levels of inflation 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: Edinburgh News