13 Nov Scottish Property Market Report October 2018
High demand from buyers is driving up selling prices, according to the ESPC.
Between August and October 2018, there was a 10.9% increase in the number of properties brought to market compared to the same period last year. In Edinburgh explicitly, there was a 5.6% increase compared to the same period last year. This is great news for buyers as a supply shortage of homes for sale has been restricting the housing market of late. This increase also shows sellers are having more confidence in the Scottish property market.
From August to October this year, the median selling price across east central Scotland increased by 6.1% from £232,814 to £246,927. the average increased by 6.8%, seeing selling prices In Edinburgh average at £267,451 compared to the same period last year.
In Edinburgh, three-bedroom houses in Blackhall, Davidson Mains, Silverknowes, Cramond, Barnton and Cammo saw the biggest increase in average selling prices annually, rising by 19.4% to £407,537. Two-bedroom flats in Bellevue, Hillside and Broughton saw the next biggest increase, with average selling prices rising 13.9% to £286,979, closely followed by two bed flats in Leith, The Shore and Granton which grew by 11.8% to £200,925.
Three bed properties in Currie, Balerno and Juniper Green saw a decrease of 8.5% in average selling prices compared to the same period last year, dipping to £288,948. However, on average three-bedroom houses are still achieving 103.6% of their Home Report valuation in these districts.
The average selling price of Properties in Dunfermline also saw a significant increase of 18.3% to £176,505. However, this is largely due to a dwindled proportion of smaller flats sold combined with a higher proportion of larger homes sold in the area.
Over the past three months, the average selling time of properties over the was 20 days, one day slower than same period last year. In Edinburgh specifically, the median selling time was 19 days, which is one day slower than the previous year.
Two-bedroom flats in New Town and West End, one-bedroom flats in Dalry, Gorgie, Slateford and Chesser, two-bedroom flats in Portobello and Joppa and one-bedroom flats in Abbeyhill and Meadowbank presented the quickest selling times over the past three months with a median selling time of just 14 days. one bed flats in Dalry and surrounding areas, as well as Meadowbank and Abbeyhill had the shortest selling times suggesting continued strong demand from first time buyers and buy-to-let investors. these are typical hotspots for those looking to get on the property ladder and renters.
in Leith, two-bedroom flats were the property type that sold the most between August and October, followed by three-bedroom houses in Dunfermline and one-bedroom flats in Leith.
Annually, the number of homes sold during this period decreased by 0.4%. This decrease is less pronounced than in previous months, which is likely a result of an increasing number of homes coming to market over the summer and early autumn months.
ESPC’s Business Analyst Jamie Fraser-Davidson said: “It is encouraging to see a 10.9% increase in the number of properties coming to market over the last three months. This is a positive sign for buyers and indicates sellers’ confidence in the current market conditions, likely due to the continued trends of increasing average selling prices, short selling times and properties exceeding their Home Report valuation.
“As we get further into the winter months and closer to Brexit, it will be interesting to monitor the impact on both sellers’ confidence and buyer demand.
“It seems the strong demand for homes in the city from first time buyers and buy-to-let investors continues. One bedroom flats in areas popular for first time buyers and renters such as Dalry, Abbeyhill and Leith Walk have seen notable year on year increases in average selling prices. Plus, one-bedroom flats in these areas are, on average, achieving significantly above Home Report valuation and we are generally still seeing short selling times for these properties.”
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