ESPC House Price Report - October 2014
Summary
- Activity in the property market across Edinburgh, the Lothians and Fife continued to improve during the three months to October.
- The number of homes sold between August and October rose by 13% on an annual basis.
- Seller activity improved as well, with the number of homes coming onto the market up by more than 10% annually as well.
- Selling times have shortened, with the median selling time down from nine weeks a year ago to six and a half weeks this year.
- Within Edinburgh 60% of homes sold between August and October achieved their Home Report valuation. In other areas of the Lothians and Fife a majority of homes are still being secured for less than their original valuation figure.
- House prices have continued to rise in most areas. In Edinburgh the average house price now stands at £217,311 following an annual increase of 4.0%.
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Full report
Latest figures released by ESPC reveal that activity in the East Central Scotland property market has continued the upward trend witnessed over the last 18 months. Between August and October ESPC observed a 13% rise in the number of homes across Edinburgh, the Lothians and Fife. Seller activity also improved with the number of homes coming onto the market increasing by just over 10% annually. Across the region, market activity is now at its highest level since 2007.
With the number of homes changing hands on the rise, selling times have shortened substantially. Between August and October the median selling time across Edinburgh, the Lothians and Fife stood at six and a half weeks, down from nine weeks during the same period a year ago and from 12 weeks in 2012.
There has also been a notable improvement in the number of sellers whose properties achieve their Home Report valuation. Within Edinburgh, 60% of homes sold over the last three months achieved a selling price equal to or in excess of their original Home Report valuation. During the same three month period last year that figure stood at 41% of homes sold. Across the rest of the Lothians and Fife 36% of properties sold during the last three months achieved their Home Report valuation compared to 28% a year ago.
Commenting on the results David Marshall, Business Development Manager with ESPC said:
"We’ve seen a steady upturn improvement in the property since the middle of 2013 and that trend has continued into October with the number of sales and new instructions both higher than was the case a year ago. The level of activity we saw between August and October was the highest we’ve seen during that period since 2007 and this has led to properties selling more quickly and more sellers achieving their properties Home Report valuation.
"As has been the case in recent months, house prices are rising in most areas. Generally, where prices have risen more quickly this has been due to a rise in the number of larger properties selling but as we move forward it will be important that the number of homes coming onto the market continues to improve to avoid a situation where demand exceed supply for a prolonged period."
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