ESPC House Price Report November 2016
Read our latest analysis of what's been happening in the east central Scotland housing market.
- The number of homes sold in east central Scotland between September and November 2016 decreased by 11.7% annually.
- The average selling price in east central Scotland over the last three months has increased by 4.3% when compared with the same period last year.
- The time to sell in east central Scotland is 31.9% faster when compared to the same three-month period a year ago – from 36 days down to 25 days.
- The number of new homes brought to market over the last three months decreased by 8.3% year on year.
- The number of sales achieving or exceeding their Home Report valuation over the last three months is 65.6%, compared with 59% during the same period last year.
Prices rise for three bedroom houses in Edinburgh
The average selling price of three bedroom houses in Currie, Balerno and Juniper Green has continued to rise, demonstrating that the area is becoming one of the most popular in the city.
The latest analysis from ESPC, leading property experts in east central Scotland, has revealed that average prices have increased by 25% over the last three months in the Currie area. We also saw this in our last month’s house price report, when average selling prices in this area rose by 18.6% year-on-year. Located in the south west of the city, and close to the Pentlands, this area offers a quieter pace of life and a community feel, which is no doubt appealing to people when looking for a family home.
Three-bedroom houses in Blackhall, Davidsons Mains and Silverknowes also showed one of the highest year-on-year increases, with a 14.7% increase in average selling prices. This is another family-friendly area that is close to the city centre as well as to the coastline and with plenty of greenspace nearby.
We are finding that in general two and three bedroom homes are at present outperforming one and two bedroom flats in terms of increases in selling prices. The average selling price of a three-bedroom house has risen by 8% and a two-bedroom house by 7.3%, compared with 3.2% for a one-bedroom flat, and 4.4% for a two-bedroom flat.
Over the last three months the number of homes being sold and the number of homes being put on the market continues to decline year-on-year. The property market in winter can be quieter than at other times of the year, and as well as being a seasonal trend, it is also a continuation of the market being in favour of the seller, as has been the case over the last year.
ESPC’s business analyst Maria Botha Lopez said: “Our analysis of how two and three bedroom houses are outperforming one and two bedroom flats is in line with the findings of the recent Redfern Review, which also described an interesting trend of how some first-time buyers are “saving longer, buying bigger and staying longer”, skipping the traditional first step of the property ladder, and looking instead for a small family home.
“Sales and listing volumes continue declining year-on-year, but there has been a slight improvement since last month’s House Price Report. All indicators of a seller’s market are still in place, with faster time to sell and with 65.6% of properties achieving or exceeding their home report value.”
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