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.
Outstanding service and very quick turnaround from Andrew and the team. Would highly recommend this company for anyone requiring a fast, professional and efficient service.
19:27 03 Oct 23
19:11 09 Jul 23
Thank you Home Report Company, the surveyor who was sent over for our house valuation report was great. It was nice to be able to welcome a well-mannered, friendly and professional person to our home.For those looking for chartered surveyors to carry out a home report or valuation, I highly recommend this company. They have been very helpful, polite and punctual - and made life that little bit easier during a difficult time in our family. Thank you again.
james “TechnixJim” F.
06:43 26 Jun 23
I needed a survey done quick and contacted home report company,Andrew came within 2 days,no messing about and got my survey paperwork next day via email,excellent company,thank you andrew.all the best jim.
18:15 23 Jun 23
I have recently instructed the Home Report Company to complete a survey for me. From my first initial enquiry up until receiving my report I have nothing but high praise. I was given a quote, a prompt appointment was made and the survey completed. Andrew, the surveyor, was very professional and also very smiley and reassuring. He went about the survey with minimal intrusion or fuss and he also liked my dog 😊. Highly recommend.
16:47 09 Jun 23
Andrew Mackenzie from home report company did our home report very professional and polite.This is the second time I have used home report company and mr Mackenzie has done both reports.The price charged was very competitive and by far the cheapest I enquired about, I would definitely recommend the home report company for your home report.
15:34 28 Apr 23
10:58 05 Apr 23
Perfect, exactly what we needed to sell our home, very quick, helpful and at an excellent price! Would highly recommend!
21:36 22 Mar 23
Friendly and professional service. Andrew was very professional and answered any questions I had. I received the completed home report the next day, after first receiving the draft version.
Steve “Steve J” J.
10:47 16 Mar 23
Very friendly and helpful surveyor who produced an honest, factual report. Survey was organised very quickly, was reasonably priced (compared to other quotes) and the report was produced quickly after the survey. No complaints!