ESPC House Price Report April 2018
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Key points
- The average selling price in east central Scotland between February and April 2018 has increased by 7.8% to £234,864 when compared with the same period last year
- The number of homes sold in east central Scotland between February and April 2018 decreased by 6.6% annually
- The number of new homes brought to market between the months of February and April decreased by 8.3% annually
- 90% of properties listed between February and April 2018 were marketed as 'offers over', compared with 82% in 2017
- The median selling time in east central Scotland is at 22 days which is the same as this time last year
- The percentage of sales achieving or exceeding their Home Report valuation rose from 70.5% between February and April 2017 to 75.7% in 2018.
A shortage of property in Edinburgh continuing to drive up demand
One bedroom flats in Edinburgh are continuing to sell quickly, with those in Polwarth, Shandon and Tollcross experiencing a 22.3% increase in average selling prices over the last three months, according to the latest house price report by ESPC, the leading property experts in east central Scotland.
One bedroom flats in Polwarth, Shandon and Tollcross have an average selling price of £200,965 between February and April 22018, compared to £164,285 for the same period last year. This type of property also achieved the highest percentage over Home Report valuation, at 110.2%.
Similarly, one bedroom flats in the Dalry and Gorgie areas increased by 19.9% to £143,162 over the last three months, compared with £119,442 during the same period last year. One bedroom flats in Dalry and Gorgie also sold the fastest - with an average time to sell of 13 days, demonstrating how in-demand flats are in Edinburgh.
With the number of new homes being brought to market decreasing by 8.3% annually, this shortage is continuing to place demand on the most desirable types of property - and this is one and two bedroom flats. Two bedroom flats in the New Town and West End increased by 19.2% to £425,655 over the last three months, and the area showing the largest increase in average selling prices in Stockbridge, Comely Bank and Canonmills, with the average selling price of a two bedroom flat increasing by 25.4% to £289,235 over the last three months, year-on-year.
However, there is an indication that the rush to buy is easing off, as the percent of properties going under offer within 14 days dropped by 6.8% year-on-year to 37.7%. The current median selling time in east central Scotland is 22 days, the same as it was at this point last year. And for Edinburgh, the median time to selling time is 19 days over the last three months - which is similar to last year.
ESPC's business analyst Maria Botha-Lopez says: "We experienced subdued activity in the east central Scotland market in February and March, partly down to the bad weather, and while there has been some improvement in April in the number of new homes listed, the number of properties listed decreased by 8.3% annually. This is having an effect on how quickly properties are selling, and the demand for one and two bedroom flats, as well as good family homes, in Edinburgh. The market is strong, and demand is there, so this could be a good time for those who are thinking of selling their homes to do so.
"Outside of Edinburgh the average selling prices increases are not quite so pronounced. East Lothian experienced a modest 1.1% increase year-on-year, West Lothian experienced a 3.2% increase and Midlothian 12.7%. So it may be worth looking outside of Edinburgh when house-hunting."
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