ESPC House Price Report May 2014

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Summary

  • Between March and May, the number of homes sold across Edinburgh, the Lothian's and Fife rose by 43% annually. The number of homes coming onto the market rose by 11% over the same period.
  • House prices rose in most areas of East Central Scotland, with the average house price in Edinburgh up 2.9% annually at £212,431.
  • Almost 60% of homes sold in the Capital achieved or exceeded their valuation – the highest level since Home Reports were introduced.
  • Selling times have quickened, with the median selling time across East Central Scotland falling from 12 weeks to just under seven weeks.
  • The majority of sellers are now choosing to market their homes at Offers Over rather than at Fixed Price or Offers Around.

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Catch up with ESPC’s David Marshall and Lisa Venter on the latest House Price Report findings by listening to ESPC’s very own podcast series. Listen to the ESPC House Price Report May 2014 or by clicking the ‘play’ button below.

Full report

Latest figures released by ESPC reveal a continuing improvement in the property market in East Central Scotland. The number of homes sold across Edinburgh, the Lothians and Fife rose by 43% annually during the three months to May, while the number of homes coming onto the market increased by 11% over the same period. 
Sales of smaller properties have seen the sharpest increase, with the number of one bedroom homes sold between March and May rising by almost 51%. There was substantial growth across the board though, with sales of larger properties more than 40% higher than was the case a year ago.

With property sales again rising more quickly than the number of homes coming onto the market, conditions for sellers have continued to improve. This is clearly evident when looking at selling prices relative to Home Report valuations. Between March and May almost 60% of homes sold in Edinburgh achieved a selling price equal to or in excess of their original valuation – up from 33% a year ago and the highest level on record since the introduction of Home Reports.

Rising market activity has also led to a notable improvement in selling times. Between March and May the median selling time across Edinburgh the Lothians and Fife stood at just under seven weeks, down from 12 weeks during the same period last year.

Commenting on the results David Marshall, business development manager with ESPC said:

"Over the last year we’ve seen a real improvement in activity in the property market. Properties are typically selling more quickly and the likelihood of sellers achieving a price that matches or exceeds their valuation is higher than at any stage since the introduction of Home Reports. Increasingly we are seeing sellers choosing to market their homes at Offers Over, reflecting their improving confidence in the market. Just over 60% of the homes coming onto the market in the last three months were marketed in this manner compare to less than 40% a year ago.

"At this stage house price inflation is still relatively modest in most areas. In Edinburgh, for example, the average house price rose by 2.9% annually and whilst there are areas where prices have risen more sharply these generally serve to offset declines seen a year ago."

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