08 Sep East Central Scotland Property Market Update September 2016
Seller’s market in East Central Scotland makes now a great time to sell. Read on for the latest news in our Property Market Update.
Scottish Property Market Update
Between June and August of 2016, the ESPC reported that the average selling price of property in Edinburgh increased by 7.7% when comparing the same period last year.
Although the average selling price increased, the actual number of properties sold between June and August saw a decrease of 8.1%, comparing year on year. This was mostly attributed to the shortage of housing which we looked into in March.
Looking at asking prices between June and August this year, there was an increase of 71.1% where sales achieved or exceeded their Home Report valuation, compared to that of the same period in 2015.
The average time for a property to sell in East Central Scotland between June and August this year was 37.7% faster compared to the same period last year, meaning time on the market went from 34 days down to 21 days.
Out of the number of properties on the market during the same period (June to August 2016), 83.2% were on the market at offers over, compared with 70.3% in 2015.
Despite Bretix Concerns, Average House Prices Continue to See Growth
According to recent analysis from the ESPC, the price of property in East Central Scotland continues to rise year on year, despite concerns and predictions that the Bretix might have had a negative impact on property sale prices.
Over the last three months, compared with the same period last year, the average selling price increased by 6.2%, while in Edinburgh alone, this increased by nearly 8%.
Particular areas in Edinburgh experienced larger spikes in property prices than others, such as Hillside, Broughton and two bed flats in Bellevue which saw increases of 20.7%, and one bedroom flats in Leith saw an increase of 14%. Flats in the Leith area remain popular for students and with new businesses, student accommodation and a new Starbucks Franchise opening on Leith walk, we believe it will continue to thrive as one of Edinburgh’s most popular areas.
Other areas of Edinburgh including Currie, Balerno and Juniper Green with three bedroom properties, saw an increase in average house prices of 25.3%. However, this increase could be exaggerated by 14.3% decrease in average house prices in the area during the same period in 2015.
East Lothian and Midlothian continue to be popular places to buy and have seen increases in average prices. In other areas of East Central Scotland including West Fife and Kinross, the average property prices in have increased by 6% year on year, though East Fife suffered a 6% decrease.
Before and After Bretix
Prior to the EU Referendum, there was a 3% dip in the number of properties in sold in East Central Scotland compared with the previous year, and there has been a continued drop in the number of homes being sold. Looking at June to August, there has been an 8% decrease in sales with a 10.6% drop in the number of properties being brought to market.
Due to the shortage of properties being brought to market, there is continue demand for good quality family homes, meaning selling times are faster, (average 21 days from 34 days compared with same period last year) and a higher percentage of properties being marketed at ‘offers over’.
Post Brexit, there has been a continued effect in the number of properties on the market comparing sales and listings before and after the EU Referendum which took place on the 23rd June 2016. However, the Scottish property market remains robust and it is still very much a sellers’ market, as it has been over the past year.
Best Time to Sell
General feelings among ESPC member firms is that although the Brexit has had little impact, the main reason buyers are choosing not to move home, is due to the fact there is a shortage of housing on the market.
For those who are considering selling their property, now is a good time to get your property on the market, as selling times are 37% faster than the same period last year and there was an increase of 71.1% where sales achieved or exceeded their Home Report from June to August this year, compared to the same period last year.
If you would like advice on selling your home or need a Home Report carried out, drop us an email at email@example.com or give us a call on 0131 608 0175 and we’ll arrange a suitable day/time which is suitable for you. We’re open from 8am-Midnight, Monday-Friday and 8am-10pm, Saturday-Sunday.