House Price Report June 2019
East central Scotland property market data - key points
- Between April and June 2019, the average selling price in east central Scotland rose to £255,905, a 6.6% increase on last year
- During these three months the sales volume increased by 5.6% compared to the previous year
- The number of properties coming to market in east central Scotland from April to June 2019 decreased by 8.3% year-on-year
- From April to June 2019, the median time to sell in east central Scotland was 20 days, which was three days slower than last year
- The average percentage of Home Report valuation achieved was 103.3% compared to 105.3% last year
- Between April and June, the average Home Report valuation rose by 4.9% in comparison to last year.
Over the past three months, the average selling price in east central Scotland was £255,905, which was a 6.6% increase on last year. In Edinburgh, the average selling price during this period was £272,375, a 5% increase on last year.
Within the capital, one bedroom flats in Dalry, Gorgie, Slateford and Chesser saw the biggest increase in average selling price, rising by 9.5% to £155,759. However, one bedroom flats in the nearby districts of Polwarth, Shandon and Tollcross saw the biggest decrease in average selling price falling by 8.2% to £187,769. This is because a higher proportion of greater value homes were sold last year, and one bedroom flats in this area still achieved
Outwith Edinburgh, properties in East Lothian saw a 15.5% increase in average selling price compared to last year, rising to £252,303. The average selling price of properties in West Fife & Kinross increased by 8.1% and the selling price of Midlothian properties rose by 6.1%. Meanwhile the average selling price of properties in West Lothian decreased slightly, falling by 4.4%.
Between April and June 2019, the total volume of residential property sales in east central Scotland rose by 5.6% compared to last year, and by 7.7% in Edinburgh. However, the number of properties coming to market during these three months decreased by 8.3% across east central Scotland and by 9.4% within Edinburgh.
Over the past three months, the median selling time in east central Scotland was 20 days, three days slower than the previous year. Within Edinburgh, the selling time was 19 days, which is also three days slower than last year.
One bedroom flats in Abbeyhill and Meadowbank boasted the shortest selling time of 13 days. This property type also achieved the highest percentage over Home Report valuation on average at 109%.
Jamie Fraser-Davidson, Business Analyst at ESPC, said: “The second quarter of 2019 saw a more pronounced year-on-year increase in the average selling price of properties in east central Scotland than in previous months. This is possibly due to a decreasing number of properties coming to market, increasing demand for a smaller number of homes.
“The average percentage of Home Report valuation achieved has decreased slightly year-on-year, but this reflects an increasing average Home Report valuation, which has risen by 4.9% compared to last year. In recent years, selling prices in the capital and surrounding areas have often well exceeded the Home Report valuation, but the increase in valuation amount is helping to bridge this gap.
“It is likely that sellers are being cautious due to ongoing political turbulence in the UK. However, as evidenced by increasing sales volumes, rising average selling prices and relatively short selling times, buyer demand remains strong in east central Scotland.”
In the Scottish Borders, the average selling price of properties over the past three months was £227,121, which was a 3.9% decrease on the previous year. The median time to sell of properties in the Borders was 148 days, which was 8 days slower than last year. The average percentage of Home Report valuation achieved was 95.5% compared to 95.8% last year.
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Scottish Borders data is not included in the east central Scotland summary statistics. Information about the Scottish Borders property market can be found in the section above and in the House Price Report.