ESPC House Price Report August 2017
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Key points
- The average selling price in east central Scotland between June and August of this year has increased by 7.4% (£241,075) when compared with the same period last year
- The number of homes sold in east central Scotland between June and August 2017 increased by 5.9% annually
- The number of new homes brought to market between the months of June and August increased by 1.8% annually
- The percentage of sales achieving or exceeding their Home Report valuation rose from 71% between June and August of 2016 to 78.7% in 2017. In Edinburgh, 86.6% of sales met or exceeded their Home Report valuation in the current reporting period
- The median selling time in east central Scotland is 18.4% faster when compared to the same three-month period a year ago – from 21 days down to 17 days. In Edinburgh, the median time to sell is 15 days.
General activity in the property market in Edinburgh, the Lothians and Fife is showing signs of recovery with year-on-year increases in the number of homes being brought to market and the number of homes being sold, according to the latest data from leading property experts ESPC.
However, with 88.4% of properties being marketed as ‘offers over,’ with an average of 9.9% over the asking price, and with the median time to sell for properties sold between June and August 2017 being currently 15 days, the Edinburgh property market is still proving difficult for buyers to secure a new home.
The average selling price of properties in east central Scotland increased by 7.4% over the last three months, between June and August 2017. The properties with the highest increases in average selling prices are three bedroom houses in Corstorphine, Clermiston, South Gyle and East Craigs (with an increase of 25.2%), two bedroom flats in the New Town and the West End (22.1%); and two bedroom flats in Portobello and Joppa (20.5%). The average selling price of property in West Lothian has gone up by 28.5% compared to the same period last year. This appears to be driven by a cluster of sales of high end properties in the Linlithgow area.
But it is one and two bedroom flats in Leith that have proved to be the most popular type of property to sell over the last three months, and this demand is driving up average selling prices in the area. One bedroom flats in Leith Walk, Easter Road and Pilrig are achieving the highest percentage of home report valuation (112.3%) in the region. The most affordable properties in Edinburgh are one bedroom flats in Gorgie, and as we saw in last month’s house price report, this area is becoming increasingly popular with first time buyers, with one bedroom flats in this area showing a 20.3% increase in average selling prices over the last three months.
ESPC’s business analyst Maria Botha-Lopez said: “The Leith area is typically popular with first time buyers, and due to a shortage of housing stock, one bedroom flats are selling quickly and over the home report valuation. But with a small year-on-year increase of 1.8% in the number of homes being brought to market, and a 5.9% increase in the number of properties sold, this could be an indication that we are seeing a reversal in the downward trend of decreasing numbers of properties listed for sale and being sold.
“As more properties are being brought to market, this can only be a good thing for buyers, and potential sellers alike. The recent stalemate in the housing market is mostly due to potential sellers not seeing suitable properties to move to coming on the market. So hopefully this modest increase in new listings continues.”
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