ESPC House Price Report January 2017
The number of homes sold in east central Scotland between November and January of 2017 decreased by 0.5% annually.
- The average selling price in Edinburgh increased by 3.7% over the last three months.
- The percentage of sales achieving or exceeding their Home Report valuation rose to 64.1% from 58.7% between November and January of 2016 to 64.1% in 2017.
- The median selling time in east central Scotland is 27.9% faster when compared to the same three-month period a year ago – from 35 days down to 26 days.
- The number of new homes brought to market between the months of November and January increased by 2.4% annually.
- 84.6% of properties listed between November and January 2017 were marketed as offers over, compared with 75% in 2015.
Modest signs of improvement in the supply of properties
The property market in east central Scotland has seen a slight increase in the number of properties being put up for sale over the last three months, according to the latest analysis from ESPC, the leading property experts in the region.
The 2.4% increase in the number of homes brought to market is indicative of a turn around in the property shortage we have seen over the last year. This could demonstrate a seasonal upturn after the market typically slows down in the lead up to Christmas and New Year, as well as a recovery from the impact of changes to Land and Buildings Transaction Tax (LBTT) which has had an effect on the market since introduced.
We are continuing to see a seller’s market with increases in average selling prices continuing and where homes are being sold within a median time of 26 days, down from 35 days this time last year. Time to sell is even quicker in Edinburgh – down to 23 days. To add to this, 11.1% of properties selling within a week of being listed, up from 7.5% last year.
ESPC’s business analyst Maria Botha-Lopez said: “These are encouraging signs of a modest improvement with sales volumes stabilising, although still slightly down from the same period last year. There has also been a modest upswing in new listings on the market across east central Scotland.
“It offers a promising start to 2017, where we hope sellers will be encouraged to put their home up for sale. 84.6% of properties listed between November 2016 and January 2017 were marketed as offers over, compared with 75% in 2015. Similarly, 23.8% of sales went to a closing date, which is up from 16.7% last year, and in Edinburgh, 29% of sales went to a closing date, which is a positive sign for sellers.
“Three bedroom houses in the Currie, Balerno and Juniper Green areas continue to show the largest increase in average selling prices across east central Scotland, with a 19.9% increase over the last three months. These have been the top performers in selling prices since July 2016 from the areas and property types we track in our monthly House Price Report.”
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