After the 2020 lockdown which severely impacted the UK housing market, 2021 became one of the most buoyant years with record sale prices and volume of sales. Indeed, the number of agreed sales by the end of this year is expected to reach a staggering £437bn, making it the strongest year since 2007.
Within the Scottish housing market this year, the sales boom has been evident across every region and it’s been a highly competitive rising market.
Buyer demand coupled with record-low mortgage rates has fuelled excellent house price growth throughout 2021 as homeowners’ priorities changed: more room to live; more outdoor space to enjoy; a different pace of life. In Scotland, the average house price has increased by 8.5% in the past 12 months.
Industry experts Zoopla predict that house prices will slow to 3% in 2022, but the Scottish market is set to continue to do well. In Edinburgh, with demand still outstripping supply, a healthy housing market is likely to continue.
WHAT ARE THE AVERAGE HOUSE PRICES IN EDINBURGH?
From August to October 2021, Edinburgh house prices saw an overall increase of 0.7%, with fuel in demand for flats in the capital’s New Town and West End of a staggering 15.5% year on year. One-bedroom flats have been in high demand within the neighbourhoods of Polwarth, Shandon and Tollcross resulting in a sale price increase of 9.4%.
Figures in 2021 indicate a strong seller market within Edinburgh. The volume of properties in Edinburgh being listed for sale was down 29.9% and the volume of property sales was up 4.6%. The selling time had also decreased, with properties selling in around 16 days. Davidsons Mains, Blackhall and Silverknowes areas within Edinburgh sold the fastest, on average within just 9 days.
From August to October, buyers paid, on average, 106.6% of the Home Report valuation, 2.6% points higher than the same time in 2020.
EDINBURGH PROPERTY MARKET PREDICTIONS: WHAT TO EXPECT IN 2022
- The market across Edinburgh is set to remain strong with housing demand outstripping supply. It is expected that sales in excess of the Home Report valuation are set to continue in 2022.
- Demand for flats is set to continue in 2022 with more first-time buyers taking advantage of new mortgages
- Property sales are likely to continue to be quick, driven by pent-up demand for homes, private outdoor space and more open green space.
GET A HOME REPORT FROM THE HOME REPORT COMPANY
With the Scottish property market conditions looking positive, it’s always worth being prepared as a seller or a buyer. Getting a Home Report early is the ideal way to prepare and avoid any sudden surprises. Read our expert guide to learn more about Home Reports and what documents are included.
If you have any questions about buying or selling property or would like to ask us for more information give us a call 0131 608 0175 or email enquiries@homereportcompany.co.uk.
