ESPC House Price Report September 2015

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

View this month's House Price Report Infographic

Summary

  • The number of homes sold in east central Scotland between July and September of 2015 rose by 11.1% annually.
  • The number of new homes brought to market between the months of July and September decreased by 2.4% annually.
  • The average selling price in east central Scotland increased by 1.5% between July and September of this year, compared with the same time period in 2014.
  • 73% of properties are coming to market as offers over, compared with 54% in 2014, and 37% in 2013.
  • Properties sold between July and September of 2015 that had been marketed as offers over achieved an average of 6.5% over the asking price, up from 6.1% last year, and 3.8% in 2013

Market continues to be in favour of the seller

The number of homes sold in east central Scotland has risen by 11.1% annually, while the number of new homes brought to market decreased by 2.4%, according to the latest analysis from ESPC.

These figures, from the period of July to September 2015, indicate that demand is continuing to outstrip supply, and the market continues to be in favour of the seller.

We are now in quarter three, but over the last several months we have seen that the average selling price in east central Scotland has remained level. In the period between July and September this year, the average price increased by 1.5% compared with the same period in 2014.

Dunfermline has, over the last year, shown strong growth in average property prices, but average selling prices decreased by 2.3% from July to September 2015 compared to the same time last year, suggesting that this sharp rise is now levelling out.

While East Lothian and Midlothian are showing slight decreases in property prices, average property prices in West Lothian have increased by 9.4% compared with the same period last year.

Areas that are continuing to show strong growth include Dalry and Gorgie, Portobello and Joppa, and the Stockbridge and Comely Bank area, proving to be popular areas for purchasing two-bedroom flats possibly in the buy-to-let market.

This time last year, the areas and property types that were showing the largest year-on-year increases in selling prices were three bedroom houses in Blackhall, Davidson’s Mains and Silverknowes, and South Queensferry and Dalmeny, which has now seen a 10.7% decrease in average prices for a three bedroom house, potentially making the area more affordable for families.

ESPC’s business analyst Maria Botha-Lopez said: “The number of homes selling in east central Scotland continues to grow year-on-year, as does the percent of homes achieving or exceeding their home report valuations, at 60.9%.

“Properties marketed as offers over are now achieving an average of 6.5% above the asking price, up from 3.8% in 2013, and time to sell is shorter than last year. However, we continue to see less homes coming to market when compared with last year.

“The LBTT effect, which saw a sharp rise in high-end properties being brought to market at the start of the year, impacting average selling prices, appears to have tapered off. The distribution of properties across LBTT tax bands are similar when compared with last year.”

View the house price table.

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House Price Report Infographic September 2015