House Price Report March 2014
- The number of homes sold across Edinburgh, the Lothians and Fife during the first quarter of 2014 rose by 56.9% annually.
- First quarter sales were at their highest level since 2008.
- The number of homes coming onto the market also rose but at the more modest rate of 18.9% annually.
- The average house price in Edinburgh rose by 1.1% annually to £195,531.
- Rising demand from buyers has led to an increase in the number of sales where Home Report valuation is achieved or exceeded.
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Figures released by ESPC show that demand in the property market in East Central Scotland continued to heat up during the first three months of 2014. The total number of sales recorded across Edinburgh, the Lothian's and Fife rose by 56.9% on an annual basis. The increase meant that property sales in the area were at their highest level for the first quarter since 2008.
The number of homes coming onto the market also rose, with the recenet strengthening in demand tempting many sellers to test the market. During the first quarter the number of residential homes brought to the market for sale was 18.9% higher than during the same period a year ago.
Whilst activity among buyers and sellers continued to show substantial improvement, at this stage house price growth has remained modest in most areas. In Edinburgh the average house price rose by 1.1% annually to £195,531. Midlothian and West Lothian saw annual growth of 0.5% and 0.8% respectively.
Commenting on the results David Marshall, business development manager for ESPC said:
"We’re continuing to see a real improvement in the number of properties changing hands which is obviously great news for anybody looking to move home. At this stage house price inflation in most areas is comparatively low. Although there are some areas where sharper increases have been observed, these generally offset falls witnessed at the start of 2013. For example, the 13.3% increase in the average price of a one bed flat in Gorgie and Dalry followed a decline of 8.7% last year.
“Similarly, in areas where prices have fallen this most commonly came on the back of a rise in price early last year. The 13.7% decline in East Lothian, for example, largely offset a 12.1% annual rise during the first quarter of 2013.”
With buyer demand on the rise, sellers are now in a stronger position than has been the case for some time and this is reflected in the percentage of sales where the Home Report valuation is achieved or exceeded. In Edinburgh, 43.2% of homes sold during the first quarter of 2014 achieved or exceeded their valuation – up from 18.9% during the first three months of 2013.
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