ESPC House Price Report August 2015

Want to find out what's been happening in the east central Scotland property market? Then read on.

Scottish housing market

Summary

  • The number of homes sold in east Central Scotland between June and August of 2015 rose by 10.3% annually.
  • The average selling price in East Central Scotland decreased by 1.0% between June and August of this year, compared with the same time period in 2014.
  • The percentage of sales achieving the Home Report valuation rose from 57.8% between June and August of 2014 to 61.5% in 2015.
  • The number of new homes brought to market between the months of June and August decreased by 5.6% annually.
  • In 2013, 36% of properties coming to market between June and August were marketed as ‘offers over’, compared with 74% of properties now being marketed that way.

 

 

New figures released by ESPC have revealed that the percentage of homes being marketed as ‘offers over’ has doubled over the last two years.

Between June and August this year, 74 % of the properties came to market as ‘offers over’, compared with 36% between June and August 2013 and 54% between June and August 2014.

Properties sold between June and August of 2015 that had been marketed as offers over achieved an average of 6.7% over the asking price, up from 6.3% last year, which could explain why sellers and their solicitors have confidence to market property with offers over the selling price.

The percentage of sales achieving the Home Report valuation rose from 57.8% between June and August of 2014 to 61.5% in 2015.  In addition to this, selling times are now 8.3% faster when compared to the same three month period last year.

The period between June and August of 2015 saw a rise of 10.3% in the number of homes sold in east central Scotland, compared to the same time last year. This shows an increase from last month’s house price report, where analysis showed there had been 4.1% increase in homes being sold.

The average selling price across east central Scotland is still slightly below last year, at a decrease of 1% between June and August this year, compared with the same period last year.

Prices have now decreased by 7.3% and 6% respectively, compared with the same time last year.

Maria Botha-Lopez, ESPC’s business analyst, said: “We are seeing that sellers have more confidence in putting their property to market with offers offer, rather than fixed price. In the current conditions, these properties are likely to achieve an average of 6.7% over the asking price, or offers around, which explains why it is back to becoming the popular way to sell.

“We continue to see a decrease in the number of homes being brought to market, although not as pronounced as the previous report where we saw an 8.8% decrease, we’re now seeing a 5.6% decrease. However, this continues to place additional strain on the balance between supply and demand.”

 

View the house price table.

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