East central Scotland continues to defy UK housing market trends
The Royal Institute of Chartered Surveyors (RICS) latest survey claimed properties are taking longer to sell due to the “uninspiring” UK housing market. Last spring, it took an average of 16 weeks between a home being listed and being sold, according to RICS. However, the survey found that this has now risen to 18 weeks on average. Also, in June 2018, sales had recorded the 16th successive month of decline. The monthly report further stated that the amount of property on estate agents’ books remained at close to historic lows.
However, ESPC believes this survey is more representative of the South East and London market, and isn’t wholly reflective of the east central Scotland market. While the median selling time in east central Scotland has increased very slightly in comparison to last year according to ESPC’s June 2018 and May 2018 House Price Reports, the median selling time for houses sold between April and June 2018 was just 17 days. There has also been a 4.9% increase in average selling prices compared to last year, and homes are continuing to achieve over Home Report valuation with properties between April and June 2018 achieving an average of 105.2% of Home Report valuation compared to 104.3% for the same period last year.
Claire Flynn, PR and Content Executive for ESPC, said: “The demand for properties remains high in east central Scotland, and we are still seeing very short selling times as well as an increase in average selling prices, and there is a continued trend towards homes achieving over Home Report valuation.
“Furthermore, the encouraging upswing in properties coming to market as indicated in our June 2018 House Price Report is an encouraging sign to buyers, and should help the east central Scotland housing market continue to thrive.”
Jenna Spence, Operations Director at Neilsons Solicitors and Estate Agents, said: “There is no such thing as ‘the UK property market' – the UK is a patchwork of local markets each with its own dynamics. In Edinburgh, sales prices have increased by 5% due to huge buyer demand. We are definitely not seeing falling buyer demand by any means. It is very much the opposite in Edinburgh and the surrounding areas as evidenced by the speed at which properties are selling and the record selling prices achieved in many cases. Closing dates have become the norm and supply is simply not keeping up with the buyer demand.”