ESPC House Price Report June 2018
Here's an instant guide to what's been happening in the property market.
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- The average selling price in east central Scotland increased between April and June 2018 by 4.9% to £241,149 when compared with the same period last year
- The number of homes sold in east central Scotland between April and June of 2018 decreased by 6.3% annually
- The number of new homes brought to market between the months of April and June increased by 3.2% annually
- 89.8% of properties listed between April and June 2018 were marketed as ‘offers over’, compared with 83.2% in 2017
- The median selling time in east central Scotland is 17 days which is one day slower than this time last year
- The percentage of sales achieving or exceeding their Home Report valuation rose from 78.0% between April and June 2017 to 82.3% in 2018.
Encouraging upswing in properties coming to market
The number of residential homes coming to market across east central Scotland between April and June 2018 increased by 3.2% compared with the same period last year, according to the latest house price report by ESPC, the leading property experts in east central Scotland.
Average selling prices increased by 4.9% across east central Scotland in the second quarter of 2018, compared with last year, and by 5.1% in Edinburgh. Within the capital, three-bedroom houses in South Queensferry saw the largest increases of average selling prices for the period, rising by 17.6% to £239,401.
One-bedroom flats in Polwarth, Shandon and Tollcross rose by 17.4% to an average of £202,440, and buyers of these properties paid the highest over Home Report valuation (12.1%) to entice sellers to accept their offers. These properties were also among the quickest to go under offer, with offers being accepted within 13 days for half of those sold between April and June of 2018.
The median time to sell across east central Scotland in the second quarter of 2018 was one day slower compared with the second quarter of 2017, with half of all properties going under offer within 17 days, and within 16 days in Edinburgh.
The number of properties sold across east central Scotland over the last three months decreased by 6.3% annually, which is more of a reflection of the decrease of properties coming to market in recent years, rather than a decrease in buyer demand.
ESPC’s Business Analyst Maria Botha-Lopez said: “A shortage of properties coming to market has been a key pressure point for the residential housing market in Edinburgh, the Lothians and Fife in recent years, so a positive upswing in the number of properties being listed reported by ESPC is an encouraging sign for buyers and those looking to take their next step on the property ladder.
“Sustainable increases in average selling prices that don’t tip the scales of affordability for qualified buyers are also a positive sign, as this inspires confidence in both lending institutions and potential buyers for the purchase of their next home.
“Additionally, the new tax relief for first-time buyers came into effect on the 30th June, whereby properties up to £175,000 will fall under the zero-rated LBTT (Land and Buildings Transaction Tax) threshold for this group who will pay no LBTT for their purchase under this amount. Just under 40% of properties sold for under £175,000 in the last quarter across east central Scotland.”
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