ESPC House Price Report January 2018
ESPC House Price Report January 2018
View this month's House Price Report infographic
Key points
- The average selling price in east central Scotland between November and January of this year has increased by 7.2% to £232,010 when compared with the same period last year. The average selling price in Edinburgh increased by 9.5% to £250,894.
- The volume of homes sold in east central Scotland between November and January 2018 decreased by 4.2% annually.
- The number of new homes brought to market between the months of November and January increased by 2.1% annually.
- The median selling time in east central Scotland is 19.8% faster when compared to the same three-month period a year ago – from 26 days down to 20 days. For properties across Edinburgh, the median time to sell was 19 days.
- 90.5% of properties listed between November and January 2018 were marketed as ‘offers over’, compared with 80.2% in 2017.
The property market continues its trend of being in favour of the seller
The average selling price of one bedroom flats in Dalry and Gorgie have increased by 26.4% over the last three months to £143,867, as property prices in Edinburgh continue to rise, according to the latest house price information from ESPC.
In the past three months, one bedroom properties in the area, one of the most affordable in the city, sold for about the same price as those in Leith, another particularly popular area for first time buyers. The average selling price of a one bedroom flat in Leith Walk, Easter Road, Pilrig and Bonnington is now £144,170, up 12.1% year-on-year. However, this could be a temporary surge in demand and competition among qualified buyers, and average selling prices might return to their six month rolling average of £136,087.
Other areas and property types that have shown large increases in selling prices in this period include two bedroom flats in Trinity, Newhaven and Inverleith, up 22.5%. and three bedroom houses in Liberton and Gilmerton, up 19.7%. For east central Scotland overall, the average selling price is now £232,010, up 7.2% year on year, while in Edinburgh, the average selling price increased by 9.5% to £250,894.
The number of properties sold in east central Scotland over the last three months decreased by 4.2%, however the number of new homes brought to the market increased by 2.1%. This increase in the number of homes for sale could be a positive upturn in the market. However with 90.5% of properties being marketed as ‘offers over’, which is the highest percentage we have seen, and with 75.1% of sales achieving or exceeding their home report valuation, the property market in east central Scotland is still firmly in favour of the seller.
ESPC’s business analyst Maria Botha-Lopez said: “If this large increase in average selling prices for Dalry and Gorgie, an area that has been one of the most affordable in the city, continues, it may be worrying for first time buyers. There is a concern that they may be priced out of the market, particularly in high-demand areas in Edinburgh.
“However the increase in the number of new homes being brought to the market is encouraging, as this could mark an upturn in available properties for sales, and take the pressure off the market so that many buyers are not competing for the same properties. More properties on the market could mean that house prices will stabilise, which is positive news for those looking to buy, as is a slower time to sell However this slower time is likely seasonal, relating to the Christmas period, and not necessarily a turn in market trends.”