ESPC House Price Report March 2017
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Key points
- The average selling price in east central Scotland has increased by 5.7% between January and March of this year when compared with the same period last year
- The number of new homes brought to market between the months of January and March decreased by 4.9% annually
- The number of homes sold in east central Scotland decreased by 9.2% annually
- The median selling time in east central Scotland is 29.1% faster when compared to the same three-month period a year ago – from 41 days down to 29 days. In Edinburgh, the median time to sell is 24 days
- 85.4% of properties listed between January and March 2017 were marketed as ‘offers over’, compared with 78% in 2016.
Little evidence of Article 50 impact on property market
The property market in Edinburgh and east central Scotland is showing little evidence of any impact from recent political changes, including the triggering of Article 50 and a possible second Scottish referendum, according to the latest house price report from ESPC.
Instead, in the first three months of 2017, we are seeing a continuation of the general trends of the second half of last year where a shortage of properties available for sale has created a market that is in favour of the seller. As a result of this there has been an increase in average selling prices – up 5.7% across east central Scotland to £217,455.
The average selling price in Edinburgh city centre is up by 11.6%, in the New Town and West End average selling prices are up by 12.3%, in Morningside and Merchiston it’s up by 18% and 16% in the Stockbridge area.
There has also been a 9.2% decrease in the number of properties being sold, which is due to less availability of property rather than a lack of demand from buyers.
ESPC’s business analyst Maria Botha-Lopez said: “In the first quarter of 2017, the residential housing market across east central Scotland remained impervious to the uncertainties surrounding Brexit, the triggering of Article 50 and initial steps taken by the Scottish government to seek a second referendum on independence.
“As has been the case over the last year, we are in a seller’s market. This means higher average selling prices, a shorter time to sell, and a likelihood for the selling price to achieve or exceed the Home Report valuation, particularly for those selling highly sought after homes in areas with high buyer demand.
“However, it should be noted that while buyers can face fierce competition and the prospect of being outbid on properties in areas of high demand, it is worth considering areas within reasonable commuting distance where buyers can find more favourable prospects.”
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