The Scottish housing market enjoyed a house price growth spurt in the opening months of 2020. The UK government recorded a 3.2% increase in Scottish house prices in the first quarter compared to a year earlier. Flats followed close behind with a 2.9% annual price growth.
When the pandemic forced the UK into lockdown in March 2020 it brought the housing market to a halt during the traditionally busy spring period. As restrictions eased up in June 2020, the Scottish housing sector bounced back quickly and the property market boom has continued to increase with each passing month.
From August to October 2020, ESPC noted a 44.4% year-on-year increase in new listings in Edinburgh, the Lothians, Fife and the Borders. Edinburgh alone saw a 141% increase in offers in the first two weeks of August, and the number of new prospective buyers and viewings rose 165% and 42% respectively.
Average House Prices in Edinburgh
Post-lockdown, Edinburgh house prices saw an overall increase of 6.2% compared to 2019, with three bedroom houses in Liberton and Gilmerton seeing an increase of 18.5% in average property selling price.
Average house prices in Edinburgh have also increased by 1.83% since September 2020, to £303,000 in December 2020.
Edinburgh Property Market Predictions: What to Expect in 2021
Edinburgh house prices are set to rise by 23.4% between now and 2021. Both rental and house prices are forecast to overtake the national average.
At the same time, the average household income is predicted to drop which will make it harder for first-time buyers to get on the property ladder.
The average percentage of Home Report valuation achieved in Edinburgh has increased with Leith recording the highest number at 109.4%.
Buyers are more eager to close a deal and properties take an average of 18 days to sell in Edinburgh (compared to 21 days last year).
Don’t Miss the Scottish Government’s Land and Buildings Transaction Tax (LBTT) Holiday!
From July 15th 2020 until March 31st 2021, the Scottish Government introduced an LBTT property tax holiday in a bid to boost the Scottish housing market with COVID-19 disrupting everyday life.
The LBTT holiday has the potential to save property buyers money, but the amount will vary depending on the price of the property. Discover more about the LBTT holiday in our recent guide to find out why you won’t want to miss this opportunity!
Get a Home Report from Home Report Company
Buying and selling a property is tricky enough at the best of times, never mind during a global pandemic. Getting a Home Report early will help you prepare and reassure your potential buyers. Read our 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 email@example.com.
Andrew MacKenzie is a qualified Chartered Surveyor with over 20 years’ experience within the Scottish Property market. He specialises in all types of residential valuations including Home Reports, Private Valuation reports and Development Appraisals.
Excellent service, from start to finish. I would highly recommend using the Home Report Company if you're selling a property - admin team are quick to respond to emails (even at the weekend), easy to book an appointment, and altogether offer a seamless service.The surveyor Andrew was exceptionally knowledgeable, thorough, and friendly. Also incredibly fast at finalising the home report.Gold service, very reasonably priced, and would absolutely use again.
22:50 01 Dec 21
The service from start to finish has been excellent, knowledgeable and very fast to ensure we got our property on the market quickly.
BOB SCORED A TAP I.
20:59 27 Nov 21
Sellers really need to seriously consider using this Company for their HR. Brilliant service from the admin team to the surveyor. Couldn't do enough for me and made you feel part of the process.Absolute bargain compared to going through estate agent then local surveyor.Gold star service.Alan Collins
08:58 05 Nov 21
This is my third transaction , I am still impressed with the service, efficiently, professionalism of this Company, highly recommended
19:22 01 Nov 21
Excellent Company for home report in the Scotland. Really very fast and professional. Thanks
18:24 01 Nov 21
Efficient, reliable and timely communication and production of home report for our flat sale.
17:25 08 Oct 21
06:56 02 Oct 21
17:33 24 Sep 21
Andrew is extremely thorough and knowledgeableWe had two properties and negotiated a good priceAny errors were corrected quickly and without question
19:57 05 Sep 21
GREAT COMPANY ,VERY PROFESSIONAL, EXTREMELY EFFICIENT, RELIABLE ,SECOND DEALINGS, AND NOT DISAPPOINTED , HIGHLY RECOMMENDED