ESPC House Price Report - April 2013

  • The average house price in Edinburgh during the three months to April stood at £199,382 – down 4.6% annually.
  • Prices in other areas of East Central Scotland were generally in line with or slightly below 2012 levels.
  • There was an increase in activity from buyers and sellers during April.
  • Buyers continue to enjoy success in negotiations with sellers, with around three out of four properties selling for less than their Home Report valuation.
  • Properties sold during the last three months were secured for an average of 5.3% below Home Report valuation.

The average price of a property in Edinburgh sold between February and April this year was £199,382 – down 4.6% from £209,065 a year ago.

In East Lothian and Midlothian there was very little movement in prices. A 2.0% increase in East Lothian brought the average house price in the area to £200,683 whilst in Midlothian a year on year increase of 0.3% meant prices inched up from £172,582 a year ago to £173,163.

In West Lothian the average house price fell by 9.8% annually from £160,982 to £145,198. The decrease stemmed from a rise in the proportion of smaller properties selling in the area. Properties with one or two bedrooms accounted for 40% of sales between February and April in 2013 – up from 34% during the same period in 2012.

April saw a rise in activity from both buyers and sellers. Across Edinburgh and the Lothians the number of sales recorded rose by 7.9% annually whilst the number of homes coming onto the market was 8.6% higher than in April 2012.

David Marshall, business analyst with ESPC, commented: "Over the last 18 months or so we’ve seen an upturn in buyer activity and this was the case again in April. We’re starting to see first time buyers and buy to let investors come back to the market due largely to an improvement in affordability over the last few years. There are also a number of buyers who started saving back in 2008 who now have the deposits they need in place to allow them to get on the property ladder.

"As ever, it’s important to keep this improvement in activity in perspective. The number of homes selling is still well below what you’d have seen at the peak of the market a few years ago and in most cases buyers are still succeeding in negotiating selling prices that are below the Home Report valuation. About 75% of homes sold during the last three months were bought for less than their valuation, with buyers paying an average of 5.3% below valuation to secure their new home. At the lower end of the market sellers are typically accepting slightly lower offers, with properties valued at less than £100,000 selling for an average of 8.2% below their original valuation."

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